The Bank of Lithuania allocated 200 thousand. EUR fine to UAB "Revolut Bank" for the fact that the bank violated the requirement of the limit of large positions. The bank itself informed the Bank of Lithuania about the temporary exceeding of the requirement limit for large positions.

It was established that due to the lack of internal processes of the bank from 2023 for two months of July, Revolut Bank's requirement for large positions was exceeded. After the Bank determined the reasons for the aforementioned deficiencies, in 2023 In September, the violation was removed.

The fine for Revolut Bank was imposed taking into account the fact that in 2022 the bank has committed a similar offense for which a sanction was imposed. It also took into account the mitigating circumstances that the bank admitted that it had committed a violation, identified it and eliminated it. In addition, the bank itself reported the violation to the Bank of Lithuania. Revolut Bank has taken measures to prevent the violation from happening again in the future.

Revolut itself stated that it takes the incident seriously, therefore, after identifying it internally, it completely corrected it within a few days and reported it to the regulatory authority.

Revolut is also implementing improved controls to prevent this from happening again. This was an isolated incident that did not affect the capital of any company in the Revolut group. The situation did not cause any financial losses and did not affect customers and their funds," the company said in a comment.

From January 1 of this year. Revolut Holdings Europe UAB and its subsidiary Revolut Bank are directly supervised by the European Central Bank together with the Bank of Lithuania.

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