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2019.04.10 09:53

Revolut asks to be inspected for complying with Lithuanian national security

BNS2019.04.10 09:53

The British start-up Revolut has asked a Lithuanian government commission to evaluate the company's compliance to national security for the third time.

The company decided to turn to the Commission for Coordination of Protection of Objects of Importance to Ensuring National Security on Wednesday reacting to discussions in the Lithuanian parliament. It also wants to dispel all doubts about its activity in Lithuania, Revolut said.

“As we see that questions are still being raised and also appreciate the work of the government's representatives and wish to have all the necessary answers, we want to dispel all possible doubts over the company's compliance to operate in this sector,” Revolut founder and CEO Nikolay Storonsky was quoted as saying in the company's statement.

Revolut said it had sent a personal letter to Stasys Jakeliūnas, chairman of the parliamentary Committee on Budget and Finance, informing him of the company's decision to turn to the commission.

On Thursday, the Lithuanian parliament, Seimas, is due to vote on opening discussions about a parliamentary resolution. The parliament may order the commission to carry out Revolut's assessment, which would be its third.

Both previous times the commission concluded that Revolut poses no threat to national security.

However, Jakeliūnas believes that the costs of managing Revolut-related risks for Lithuanian institutions are already disproportionate to the potential risk-benefit balance, and will only grow in the future.

The European Central Bank has issued a specialized bank license to Revolut Bank last year following a proposal of the Bank of Lithuania.