The fine followed a routine inspection that identified „violations and shortcomings in the monitoring of business relationships and operations”, the central bank said in a statement, according to Reuters.”They led to (Revolut) not always properly identifying suspicious monetary operations or transactions”, it added, without further detail.
No confirmed cases of money laundering were identified. However, the inspection revealed procedural weaknesses affecting the overall effectiveness of the internal control system.
The company has signed a settlement agreement with the regulator and has already taken corrective measures. This is the largest fine ever imposed by the Lithuanian central bank, calculated based on the severity of the violations and the revenues of Revolut Holdings Europe.
Revolut operates in the European Union under a Lithuanian banking license and is supervised by both the Bank of Lithuania and the European Central Bank.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
