The Central Bank of Lithuania has imposed a €3.5 million fine on Revolut Bank, which is registered in the country, for possible anti-money laundering violations, the regulator said in a statement. Revolut denies the charges.
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What the regulator found
Following a routine inspection, the Bank of Lithuania recorded “violations and shortcomings in the monitoring of business relationships and transactions.” In particular, the regulator claims that Revolut did not always promptly detect suspicious transactions by its clients.
Revolut's position
The company insists that the audit did not confirm any instances of money laundering. “Revolut Bank UAB adheres to the highest standards of regulatory compliance and cooperated with the Bank of Lithuania to promptly eliminate procedural deficiencies,” the neobank said.
They added that the findings were only about the need to improve controls, not actual crimes. “We continue to invest to ensure the best controls to combat financial crime,” Revolut emphasized, citing the LRT article.
Changes for Ukrainians
On April 7, Revolut Bank UAB suspended registration of new clients from Ukraine without explaining the reasons. The press service assured that this will not affect existing users.
Let us recall that on February 11, Revolut entered the Ukrainian market under a Lithuanian license, offering cards in 30 currencies, except for the hryvnia.
- Banks