Revolut Faces €3.5 Million Fine from Lithuanian Central Bank Over AML Compliance Issues
The Bank of Lithuania has recently imposed a significant penalty on Revolut, a prominent player in European banking. This action comes after a thorough investigation revealed shortcomings in the company’s methods for monitoring business relationships and customer transactions. The oversight authority highlighted that these failings led to instances where the bank did not adequately identify suspicious monetary operations or customer transactions.
Details of the Investigation
The investigation by the Bank of Lithuania, which collaborates with the European Central Bank, did not uncover any confirmed cases of money laundering. Instead, the findings pointed to the need for enhancements in existing controls.
Significance of the Penalty
Despite the lack of confirmed money laundering instances, the reprimand represents the largest fine in Revolut’s history. This follows a previous sanction of €70,000 imposed by Lithuanian regulators in 2022 due to the company’s failure to submit financial statements on time.
Revolut’s Response
A spokesperson for Revolut stated, “Revolut Bank UAB is committed to the highest standards of regulatory compliance and has cooperated with the Bank of Lithuania to take immediate corrective actions to address the procedural deficiencies.” This commitment signals the company’s intent to strengthen its compliance measures moving forward.
Key Takeaways
- Regulatory Compliance: Revolut aims to enhance its regulatory practices following the penalty.
- Previous Fines: The company has faced fines in the past, indicating ongoing compliance challenges.
- Collaboration: Revolut is working closely with regulatory authorities to improve its operations.
For more information on regulatory compliance in banking, you can visit the Bank for International Settlements.
