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 commitment to 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.

Source: Finance Magnates