The Bank of Lithuania has concluded that Revolut Bank UAB failed to adequately monitor business relationships and transactions, resulting a record €3.5m fine for breaches of anti-money laundering (AML) requirements. The penalty, announced on 8 April 2025, followed a scheduled inspection by the central bank, which identified significant violations and deficiencies in the bank’s internal controls.

According to the findings of the Bank of Lithuania, Revolut Bank UAB did not always correctly identify suspicious financial activities conducted by its clients. These shortcomings raised concerns about the bank’s ability to detect and prevent money laundering, which forms a key part of regulatory compliance in financial operations. The bank did not specify when the inspections were carried out.

In response to the inspection results, Revolut approached the Bank of Lithuania with the aim of concluding an administrative agreement. The central bank acknowledged that the bank had accepted the violations, taken initiative to rectify them and prepared a corrective action plan. After evaluating these factors, the Bank of Lithuania agreed to enter into an administrative agreement with the institution.

The amount of the fine, €3.5m, was determined by considering the nature, duration and scope of the identified violations, as well as the total annual revenue of Revolut’s parent company, which is registered in the Republic of Lithuania.

This was not the first instance in which Revolut faced scrutiny over its AML practices. In March 2019, the UK’s Financial Conduct Authority investigated the neobank for potential compliance failures related to its anti-money laundering systems.

A representative of Revolut told Paperjam, “Revolut Bank UAB 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.”