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Revolut, the º£½ÇÊÓƵ fintech firm, has been hit with a €3.5m (£3m) fine by the Bank of Lithuania due to deficiencies in its anti-money laundering controls.

The neobank was criticised for "violations and shortcomings in the monitoring of business relationships and [transactions]" by the Lithuanian bank, as reported by .

The regulator pointed out that these failings had led to the bank not always correctly identifying suspicious financial operations or transactions conducted by customers. This penalty is the largest ever imposed on the company.

The fine was issued following a routine inspection by the central bank, which revealed weaknesses in Revolut's internal controls.

After the inspection, Revolut approached the regulator with plans to correct the violations and address inefficiencies.

'Highest standards of regulatory compliance'

The size of the fine was determined considering the nature, duration, and scope of the violations, as well as the total revenue of Revolut Holdings Europe – the parent company of its Lithuanian arm.

Revolut's Lithuanian credit institution, Revolut Bank UAB, is licensed and regulated by the Bank of Lithuania and the European Central Bank. It offers banking services, including payment, deposit, and credit products.

In 2022, Revolut was fined €70,000 (£60,000) by Lithuanian regulators for failing to submit its financial statements on time. In 2019, the Financial Conduct Authority investigated the fintech for failing to comply with its anti-money laundering systems.