Revolut has been hit with a €3.5 million fine by the Bank of Lithuania for deficiencies in its anti-money laundering (AML) systems—the largest penalty in the company’s history. The central bank cited flaws in how Revolut monitored its customers and business relationships, stating that the gaps had, in some cases, prevented the company from properly identifying suspicious transactions.
Although the investigation did not uncover any confirmed incidents of money laundering, the central bank noted that the weaknesses were serious enough to warrant regulatory action. The sanction comes as the Bank of Lithuania, which jointly supervises Revolut’s European banking activities with the European Central Bank, continues to scrutinise fintechs operating under its jurisdiction.
The fine follows a previous €70,000 penalty in 2022 for Revolut’s late submission of financial statements. Despite the reprimand, Revolut says it remains committed to strong compliance practices. “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,” said a spokesperson.
The fine adds further pressure on Revolut as it continues to navigate regulatory hurdles in its European expansion, especially in the context of gaining a full UK banking licence and enhancing its global compliance framework.