US EditionRevolut fined €3.5mn over money laundering control failures
- Revolut was fined €3.5 million by the Bank of Lithuania due to violations in its money laundering monitoring processes.
- The central bank identified that Revolut could not always properly identify suspicious transactions conducted by its customers.
- Revolut has committed to improving its regulatory compliance and acknowledged the identified deficiencies, stating they are taking corrective actions.
- Revolut recently suspended new customer registrations in Ukraine after the National Bank of Ukraine raised concerns regarding its operations without proper banking licenses.
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Revolut halts new customers in Ukraine after banking license dispute
London-based digital bank Revolut has suspended the registration of new customers in Ukraine, the company told The Kyiv Independent on April 9.The fintech firm officially launched services in Ukraine in February, quickly drawing scrutiny from the National Bank of Ukraine, which accused Revolut of operating without proper banking licenses.Revolut has denied these allegations, saying it offers EU accounts to Ukrainians on a cross-border basis rath…
·Kyiv, Ukraine
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Total News Sources26
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
13%
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