The Central Bank of Lithuania has fined British FinTech startup with Ukrainian roots Revolut 3.5 million euros ($3.83 million) for shortcomings in preventing money laundering.
The Central Bank of Lithuania has fined British FinTech startup with Ukrainian roots Revolut 3.5 million euros ($3.83 million) for shortcomings in preventing money laundering.
British Revolut, whose founders include Ukrainian Vlad Yatsenko, operates in the European Union under a Lithuanian license and is supervised by the European and Lithuanian central banks.
The bank said on Monday that the fine was imposed following a routine inspection that found “violations and deficiencies in the monitoring of business relationships and transactions,” Reuters reports .
“This resulted in Revolut not always properly identifying suspicious cash operations or transactions,” the bank said.
Revolut said the investigation did not reveal any confirmed cases of money laundering, and its findings were related to improving existing controls.
“Revolut Bank adheres to the highest standards of regulatory compliance and has worked with (the Central Bank of Lithuania) to take immediate steps to address procedural deficiencies,” the startup said in a statement.
Revolut has signed a settlement agreement with the central bank and has taken steps to address the shortcomings, the bank said.
The fine is the largest in the history of the Lithuanian central bank and was set according to the severity of the violation and the revenues of Revolut Holdings Europe, the holding company that carries out Revolut's regulated operations in the European Economic Area, the bank added.
Recall that on February 27, the National Bank of Ukraine issued a statement regarding the entry of the neobank Revolut into the Ukrainian banking market, in which it emphasized the need for licensing.
The neobank stated that it pays "priority attention to compliance with local regulatory requirements" and conducted a thorough assessment before providing services to residents of Ukraine.
On April 7, 2025, it became known that Revolut had suspended the registration of new Ukrainian users. However, current Revolut customers can continue to use the services without any changes.
