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 slapped with €3.5M fine by Lithuania’s central bank over money laundering prevention failings https://t.co/evuZ0MMxJi pic.twitter.com/OkSrfGovTt
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Revolut was valued at $45 billion in August and reported a
record pretax profit of 438 million pounds ($559.5 million) in 2023.
This article was written by Tareq Sikder at www.financemagnates.com.
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