The Bank of Lithuania has imposed a €3.5 million fine on Revolut Bank, a Lithuania-registered entity of the UK-based financial services group Revolut, for failing to comply with anti-money laundering regulations.
The penalty follows a scheduled inspection by the Bank of Lithuania, which identified irregularities and deficiencies in Revolut Bank’s monitoring of business relations and transactions. The central bank stated that these shortcomings led to situations where the bank did not always properly identify suspicious financial activities or transactions.
In response, Revolut Bank affirmed its commitment to maintaining high standards of regulatory compliance and stated that it cooperated with the Bank of Lithuania to address the identified issues. The company also emphasized its ongoing investment in improving controls to prevent financial crime.
The Bank of Lithuania noted that while the investigation did not uncover any confirmed instances of money laundering, the fine was determined based on the scale, duration, and nature of the violations, as well as the annual revenue of Revolut’s managing company, Revolut Holdings Europe.
Revolut has taken corrective actions, including developing and agreeing on a remediation plan, and has entered into an administrative settlement agreement with the Bank of Lithuania at its own request.
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