Lithuania's central bank has fined Revolut 3.5 million euros for failures in money-laundering prevention, Reuters reported.

The British fintech company, which is headquartered in London, is operating in the European Union under a Lithuanian licence and is under the supervision of the European and Lithuanian central banks.

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.

The bank added: “These resulted in the bank not always properly identifying suspicious monetary operations or transactions carried out by customers in practice.”

The Bank of Lithuania said that Revolut acknowledged the violations and deficiencies and taken steps to address them.

A Revolut spokesperson said: “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.

According to Reuters, the fine is the biggest ever issued by the Lithuanian central bank.

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