Lithuania Imposes €3.5 Million Fine on Revolut for Money-Laundering Prevention Failures

April 8, 2025, Vilnius – The Bank of Lithuania has imposed a fine of €3.5 million (approximately $3.83 million) on the British fintech company Revolut for deficiencies in its money-laundering prevention measures. This action marks the largest penalty ever levied by the central bank of Lithuania.

The fine resulted from a routine inspection that revealed violations in the monitoring of Revolut's business relationships and transactions. The central bank stated that these violations led to the company's insufficient identification of suspicious monetary activities.

Revolut, which operates under a Lithuanian license and is regulated by both the European and Lithuanian central banks, responded to the investigation, clarifying that no confirmed instances of money laundering were identified. A spokesperson for the company emphasized that the case focused on enhancing existing compliance controls, and emphasized Revolut's commitment to maintaining the highest standards of regulatory compliance.

Following the imposition of the fine, Revolut reached a settlement with the Lithuanian central bank and has started addressing the noted shortcomings. The bank's statement indicated that the fine was calculated based on the severity of the violations and the revenue generated by Revolut Holdings Europe, the holding company responsible for its regulated operations within the European Economic Area.

Revolut has experienced significant growth and was recently valued at $45 billion after a secondary share sale to investors in August. Additionally, the company reported a record pretax profit of £438 million ($559.5 million) for the fiscal year 2023. The central bank's action emphasizes the ongoing scrutiny on financial institutions and the importance of adhering to stringent anti-money laundering regulations to ensure the integrity of the financial system in Lithuania and beyond.