Revolut is facing renewed scrutiny from UK authorities after regulators discovered — through media reports rather than direct notification — that a corporate filing linked to CEO Nik Storonsky’s family office listed him as a resident of the United Arab Emirates.

According to reporting by the Financial Times, officials at the Treasury, the Financial Conduct Authority (FCA) and the Bank of England became aware of the residency change only after the publication highlighted amendments in Companies House filings related to Storonsky’s personal investment vehicle. Revolut did not notify regulators beforehand, despite the neobank currently being in the final stages of seeking a full UK banking licence.

While the filings for Storonsky’s family office show a UAE residential address, Revolut’s own corporate submissions continue to list him as resident in the United Kingdom. A person close to the company told the FT this reflects a practical distinction: Storonsky manages Revolut from the UK while overseeing his family office from Dubai.

Regulators were reportedly concerned about the discrepancy and the lack of prior communication, prompting them to seek assurances that Storonsky’s location and travel patterns would not affect day-to-day leadership of the fast-growing fintech. Revolut’s position, according to people familiar with the discussions, is that the company was under no obligation to notify authorities about changes tied to the CEO’s family office. The company also emphasised that Storonsky has, for years, split his time between London, Dubai, Barcelona, Brazil and the United States.

In a statement, Revolut stressed the global nature of its operations: “Revolut operates across 39 markets and our CEO, Nik Storonsky, divides his time across the UK and our key international regions. There has been no change to his role or responsibilities at Revolut, and his registered details at Companies House remain the UK.”

The issue comes at a critical time for the company. Revolut, now valued at $75bn following last week’s fundraise, is seeking to secure a full UK banking licence by the end of the year. The licence has been several years in the making and has previously been delayed over concerns about the company’s risk controls, governance and rapid overseas expansion.

Currently, Revolut holds a restricted licence and remains in the regulatory “mobilisation phase,” meaning it is permitted to hold no more than £50,000 in total deposits until it completes required infrastructure and oversight upgrades. No fintech of Revolut’s size — with 65 million customers across around 40 markets — has ever entered mobilisation, increasing caution among regulators.

Political leaders, meanwhile, have been eager to keep the company anchored in the UK. In September, Chancellor Rachel Reeves joined Storonsky at the opening of Revolut’s new Canary Wharf offices as the firm announced plans to invest £3bn and hire 1,000 additional staff in Britain.