Revolut has been hit with a €3.5m fine by Lithuania’s central bank, after it was found to have flouted money laundering prevention rules. The Bank of Lithuania carried out a scheduled inspection of Revolut, during which it identified “violations and shortcomings in the monitoring of business relationships and operations”, the bank said.
The bank added: “These resulted in the bank not always properly identifying suspicious monetary operations or transactions carried out by customers in practice.”
Revolut, which is Europe's most valuable startup valued at $45bn, operates across the EU under a Lithuanian banking licence. Sources close to Revolut pointed out that the bank’s probe did not identify or confirm any instances of money laundering and its findings are related to improvements of existing controls.
A Revolut spokesperson 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."
The Bank of Lithuania said that Revolut acknowledged the violations and deficiencies and taken steps to address them.
According to Reuters, the fine is the biggest ever issued by the Lithuanian central bank.
In December last year, Klarna was fined over £35m (500m Swedish crowns) by the Swedish financial regulator after it broke anti-money laundering rules.
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