Revolut Bank fined €3.5m for breaching anti-money laundering rules

The Bank of Lithuania has fined Revolut Bank, a Lithuania-registered bank of the United Kingdom’s financial services group Revolut, 3.5 million euros for violating money laundering prevention rules.

“The Bank of Lithuania carried out a scheduled inspection of Revolut Bank, during which it found irregularities and deficiencies in the area of monitoring business relations and operations [transactions],” the central bank said in a statement.

“They resulted in that, in practice, the bank did not always properly identify suspicious monetary operations or transactions carried out by its customers,” according to the Bank of Lithuania.

According to the central bank, the fine was calculated taking into account the nature, duration and scale of the infringement, as well as the total annual revenue of Revolut Holdings Europe, the bank’s managing company, which has its seat in Lithuania.

“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. We continue to invest to ensure we have best in class controls in the fight against financial crime,” Revolut said in a statement.

The central bank’s investigation did not identify any confirmed instances of money laundering.

Moreover, according to the central bank, Revolut has taken steps on its own initiative to remedy the breaches and deficiencies, has prepared and agreed on a remediation plan, and has entered into an administrative settlement agreement with the Bank of Lithuania, which it requested itself.