Revolut has been fined €3.5m by the Bank of Lithuania for inefficiencies in its money laundering control.
The fine came after the Bank of Lithuania had carried out a scheduled inspection of Revolut, during which it identified “violations and shortcomings in the monitoring of business relationships and operations”.
The bank added: “These resulted in the bank not always properly identifying suspicious monetary operations or transactions carried out by customers in practice.”
After the inspection, Revolut had approached the regulator with plans to rectify the violations and fix inefficiencies.
The Bank of Lithuania’s investigation did not identify any confirmed instances of money laundering and findings were related to improvements of existing controls.
The scale of the fine was reached considering the nature, duration and scope of the violations, alongside the total revenue of the Revolut Holdings Europe – its Lithuanian arms parent company.
A spokesperson for Revolut said: “Revolut Bank UAB is committed to the highest standards of regulatory compliance and cooperated with the Bank of Lithuania in taking immediate action to address the procedural deficiencies.
“We continue to invest to ensure we have best in class controls in the fight against financial crime.”
