UK fintech Revolut has been fined €3.5m (£3m) by the Bank of Lithuania for inefficiencies in its money laundering control.

The neobank was blasted for “violations and shortcomings in the monitoring of business relationships and [transactions]” by the Bank of Lithuania.

The watchdog said failings had “resulted in the bank not always properly identifying suspicious monetary operations or transactions carried out by customers”.

This marks the steepest penalty in the firm’s history.

The fine follows a scheduled inspection by the central bank, which highlighted failings in the fintech’s internal controls.

After the inspection, Revolut had approached the regulator with plans to rectify the violations and fix inefficiencies.

‘Highest standards of regulatory compliance’

The scale of the fine was reached considering the nature, duration and scope of the violations, alongside the total revenue of the Revolut Holdings Europe – its Lithuanian arms parent company.