News

2019.06.27 12:00

Revolut poses no security threat, commission issues same verdict third time

BNS2019.06.27 12:00

A special Lithuanian governmental commission gave the same verdict that Revolut's acitivies aren't contrary to Lithuania's national interests after completing its third review of the UK-based fintech startup. 

The commission that vets transactions by strategic enterprises made the decision on June 25, Valdas Kiveris, an advisor with the Public Administration Group at the government office, told BNS.

In early May, the Seimas asked the commission to look into Revolut for the third time.

Vytautas Bakas, the chairman of the parliament's Committee on Budget and Finance, then said that he and other lawmakers had doubts about the startup's business model, money-laundering control and links to Russia.

Revolut Bank plans to start operating as a specialized bank in Lithuania the second half of 2019.

Central bank officials have said that the Bank of Lithuania assessed not only financial risks, but also challenges to national security and political and geopolitical risks, before issuing the license to Revolut.