Lithuania’s central bank has fined Revolut, a British
fintech company, 3.5 million euros ($3.83 million) for failures in
money-laundering prevention.
The fine followed a routine inspection that found issues
with Revolut’s monitoring of business relationships and operations. These
issues led to the company failing to properly identify suspicious transactions,
according to the central bank’s statement, Reuters reported.
Lithuania Issues Record Fine to Revolut
Revolut has stated that the investigation did not confirm
any money laundering and that the findings were related to improvements in
existing controls. The company emphasized its focus on regulatory
compliance and has cooperated with the Lithuanian central bank to address the
issues.
The fine, the largest ever issued by the Lithuanian central
bank, reflects the severity of the violations and the revenues of Revolut
Holdings Europe, the company’s holding entity for regulated operations in the
European Economic Area. Revolut was valued at $45 billion in August and reported a
record pretax profit of 438 million pounds ($559.5 million) in 2023.
Revolut slapped with €3.5M fine by Lithuania’s central bank over money laundering prevention failings pic.twitter.com/OkSrfGovTt
— Tech.eu (@tech_eu) April 8, 2025
You may find it interesting at FinanceMagnates.com: Revolut’s
Evolution—From Fintech Maverick a UK Banking Behemoth?
Revolut and Visa Oppose UK’s Proposed Interchange Fee Cap
Revolut, in collaboration with Visa, is
challenging the UK Payment Systems Regulator (PSR) over proposed caps on
interchange fees. The companies argue that these caps would harm competition
and hinder innovation within the fintech sector.
Both firms contend that the PSR’s decision is unnecessary
and could have negative effects on consumers and businesses. Revolut claims the
regulator’s move could force banks to cut rewards programs or introduce new
fees to compensate, ultimately impacting consumers. Visa also warns that limiting interchange fee revenue could
stifle competition and hinder fintech growth.
This article was written by Tareq Sikder at www.financemagnates.com.
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