Banking

Revolut fined €70,000 in Lithuania for failing to submit accounts on time

Lithuanian Central Bank imposed fine after the fintech failed to submit audited accounts for a subsidiary within the legal deadline

Vlad Yatsenko and Nikolay Storonsky, co-founders of Revolut, which has more than two million users in Ireland

Revolut was fined €70,000 at the end of last year by the Lithuanian Central Bank after failing to submit audited accounts for a key European subsidiary for the 2021 financial year.

The fast-growing financial technology and banking company has also yet to file audited accounts for two key holding companies in Britain after “unacceptably high” risks of material misstatement were identified by British regulators last year.

The Bank of Lithuania confirmed to the Business Post ...