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 Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term and that the findings were related to improvements in existing controls. The company emphasized its focus on regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term 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.

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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You may find it interesting at FinanceMagnates.com: Revolut's Evolution—From Fintech Maverick a UK Banking Behemoth?

Revolut and Visa Oppose UK’s Proposed Interchange Fee Cap

Revolut, in collaboration with Visa, is challenging the UK Payment Systems Regulator (PSR) over proposed caps on interchange fees. The companies argue that these caps would harm competition and hinder innovation within the fintech sector.

Both firms contend that the PSR's decision is unnecessary and could have negative effects on consumers and businesses. Revolut claims the regulator’s move could force banks to cut rewards programs or introduce new fees to compensate, ultimately impacting consumers. Visa also warns that limiting interchange fee revenue could stifle competition and hinder fintech growth.