Banks, Financial Services, Lithuania, Technology

International Internet Magazine. Baltic States news & analytics Saturday, 21.09.2019, 20:47

Revolut moves operation launch date in Lithuania

BC, Vilnius, 17.05.2019.Print version
The United Kingdom's fintech startup Revolut has moved the operation launch date of its specialized bank in Lithuania from the first to the second half of this year, Antonia Green, a spokesperson for the company, told LETA/BNS.

Responding to the recent statement by Antoni Mikulski, head of the Lithuania's Financial Crime Investigation Service, when he said that Revolut's activity in Lithuania might cause problems for the country, she said Revolut is further looking for ways to strengthen its security systems.

"Revolut operates in highly regulated markets around the world and is continuously looking at ways to further strengthen our already robust security systems and processes. We remain committed to the establishment of our operations in Lithuania," Green said.

Vilius Peckaitis, head of the FCIS's money laundering prevention board, believes there's a huge risk that persons from regions where terrorist organizations operate might get access to Lithuania's financial system via the United Kingdom where it's easy to get a driver's license.

Representatives of the central Bank of Lithuania said earlier Revolut was issued a license upon the assessment of financial risks as well as challenges to national security and political and geopolitical risks.

The Seimas of Lithuania earlier tasked a government commission assessing transactions of strategic companies to once again check Revolut's reliability, and the probe was due to start on Thursday. Deputy Government Chancellor Alminas Maciulis says the assessments will take around a month.

"Revolut has nothing to hide and we have always approached our application and our dealings with the Lithuanian regulatory authorities with complete transparency and will continue to do so," Green told.

It’s already a third assessment of Revolut. The first two concluded that Revolut poses no threat to national security.







Search site