Updated at 4.45pm 

Revolut has announced that its chief financial officer quit the digital banking fintech firm last month.

The company confirmed Peter O'Higgins had stepped down just two days after the Daily Telegraph reported that Revolut had switched off an automated system designed to flag suspicious transactions for three months last year.

In a blog post published on Friday, company CEO Nik Storonsky said that Mr O'Higgins' departure had nothing to do with those claims. 

"Any suggestion that Peter's resignation is in any way, shape or form connected to this roll-out is utterly false and damaging," Mr Storonsky wrote. 

In a resignation note, Mr O’Higgins said “the time has come to pass the reigns over to someone who has global retail banking experience at this level". 

According to the Telegraph, Revolut shut down its AML system after it began throwing up a series of false positives. It was reportedly inactive between July and September of 2018 and Revolut did not inform the UK financial regulator of the issue.

The company has contested that version of events and said that it had reverted to old AML controls when new ones resulted in false positives. 

"This roll-out did not result in a money laundering breach," Mr Storonsky said. 

Revolut this week celebrated signing up its fourth million user across Europe and has plans to branch out to Singapore and Japan,

News of its CFO resigning caps a terrible week for the UK-based startup, which was accused of treating its workers poorly in an article published by Wired.

That article cited concerns about “unpaid work, unachievable targets and high staff turnover”.