Revolut has been hit with a €3.5 million fine for failing to prevent money laundering on its platform, according to European officials, Sifted reports.

  • On April 8th, the Bank of Lithuania said it had fined Revolut €3.5 million over “violations and shortcomings in the monitoring of business relationships and [transactions]”.

  • The watchdog said these issues “resulted in the bank not always properly identifying suspicious monetary operations or transactions carried out by customers”.

  • Although Lithuanian law allows fines of up to 10% of annual gross income for anti-money laundering violations, Revolut’s €3.5 million penalty amounts to less than 1% of its revenue.

Since 2021, Revolut has operated under a European Union banking licence through its Lithuanian base, with its activities jointly supervised by the Bank of Lithuania and the European Central Bank.

"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," says a company spokesperson.'

  • The leading fintech's compliance headaches have been well-documented. A recent BBC Panorama report identified Revolut as the UK bank with the most fraud cases in October, with one customer losing £165,000 in an hour.

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