Revolut Moves to Fix AML Gaps as Lithuania Flags Its Outsized Share of Fraud Reports #

Lithuania’s Financial Crime Investigation Service (FNTT) receives about 80 percent of its suspicious transaction reports from Revolut’s Lithuanian bank, the agency’s head told the Lithuanian parliament’s Budget and Finance Committee. The FNTT processes roughly 100,000 such reports per year, with Revolut Bank accounting for the vast majority, most of them tied to fraud cases affecting private individuals.

The disclosure follows a €3.5 million fine that the Bank of Lithuania levied against Revolut Bank UAB in April 2025, the largest anti-money laundering penalty the regulator has ever issued. The fine followed a scheduled inspection that identified significant gaps in the company’s monitoring of business relationships and customer transactions. The Bank of Lithuania concluded that the shortcomings meant Revolut did not always correctly identify suspicious monetary operations carried out by its customers.

The central bank found no actual instances of money laundering during the investigation. Sources familiar with the matter said the regulator’s conclusions were aimed at improving existing systems and procedures rather than addressing deliberate non-compliance.

Revolut acknowledged the violations, took steps on its own initiative to address them, and agreed a formal remediation plan with the Bank of Lithuania. A company spokesperson said the firm is “committed to the highest standards of regulatory compliance” and has worked with regulators to address procedural deficiencies, adding that it continues to invest in “best-in-class financial crime controls.”

The fine amounts to roughly 0.38 percent of Revolut Holdings Europe UAB’s 2023 revenues, well below the maximum penalty of up to 10 percent of annual gross income that Lithuanian law allows for AML violations. The combination of the fine and Revolut’s high suspicious-activity report volume could make the company a candidate for direct supervision by the EU’s newly established Anti-Money Laundering Authority, which will oversee a limited number of high-risk cross-border institutions, according to industry analysts.

Revolut, valued at approximately $45 billion and widely considered Europe’s most valuable startup, operates across the European Union under its Lithuanian banking licence.

Source: Fintech Global