Revolut Fined 3.5 Million Euros for Money-Laundering Failures by Lithuanian Central Bank

Revolut, Britain's leading fintech startup, has been fined 3.5 million euros by Lithuania's central bank for gaps in money-laundering measures. The fine follows a routine inspection and marks the highest penalty the bank has ever issued. Revolut stated no confirmed money laundering instances were found.

Lithuania's central bank has imposed a hefty fine of 3.5 million euros on Revolut, the UK's top fintech company, signaling serious lapses in its anti-money laundering protocols. The penalty highlights ongoing challenges in fintech regulation for European and national central financial authorities.

This sanction was the result of a regular audit uncovering deficiencies in how Revolut monitored business relationships and transactions. Despite these findings, Revolut maintained there were no confirmed cases of money laundering, though it acknowledged the need to improve existing controls.

The resolution of the matter saw Revolut agreeing to a settlement with the Lithuanian central bank while implementing corrective measures. This fine, the largest ever by Lithuania's central bank, underscores the significant expectations placed on financial firms operating under European jurisdiction.

(With inputs from agencies.)