Revolut has been fined €3.5 million by the central bank of Lithuania for deficiencies in its anti-money laundering controls.
The Bank of Lithuania, which oversees Revolut’s European banking operations alongside the European Central Bank, said the sanction followed the discovery of failings in how the company monitored business relationships and customer transactions.
The watchdog said failings had “resulted in the bank not always properly identifying suspicious monetary operations or transactions carried out by customers”.
The Bank of Lithuania’s investigation did not identify any confirmed instances of money laundering and findings are related to improvements of existing controls.
Nonetheless, the reprimand marks the steepest penalty in the firm’s history and follows a €70,000 fine imposed by Lithuanian regulators in 2022 for a failure by Revolut to submit its financial statements on time.
A spokesperson for Revolut says: “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."