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The Bank of Lithuania has fined Revolut €3.5m after a scheduled inspection uncovered breaches of anti-money laundering (AML) requirements.
The fine was imposed as part of an administrative agreement between the central bank and the European fintech.
The inspection identified deficiencies in the monitoring of customer relationships and transactions, which meant Revolut did not consistently detect or report suspicious activity.
In response, the bank, which secured a credit institution licence in 2021, applied to resolve the issue through an administrative agreement, a mechanism introduced by the Bank of Lithuania in November 2024 to allow financial institutions to proactively address regulatory breaches.
Under the agreement, Revolut has acknowledged the violations, as well as taken steps to rectify them, and submitted a remediation plan.
The fine was calculated based on the severity and duration of the breaches, as well as the gross annual income of the bank’s parent company, which is registered in Lithuania.
The administrative agreement process, also known as an amicable settlement, allows financial market participants to propose a resolution once a sanctioning procedure has been initiated.
The Bank of Lithuania then assesses whether the proposal is appropriate, with a key requirement being that all identified deficiencies must be fully addressed.
The aim is to provide a constructive and efficient path to enforcement that maintains the integrity of the financial system while avoiding protracted proceedings. It has already been taken advantage of by other local players, such as the e-money institution Corporate Services, which reached a settlement over AML failings in March.
This framework is modelled on similar arrangements used by financial regulators in countries such as Ireland, Belgium, Malta and Germany, where up to 75 percent of enforcement cases are resolved through such agreements.
In response to the announcement, a spokesperson for Revolut told Vixio that the bank “is committed to the highest standards of regulatory compliance and cooperated with the Bank of Lithuania in taking immediate action to address the procedural deficiencies”.
“We continue to invest to ensure we have best-in-class controls in the fight against financial crime,” the spokesperson concluded.
