By PAUL O’DONOGHUE, Senior Correspondent
THE European Central Bank (ECB) imposed restrictions on Revolut’s European operations last year over compliance concerns.
The regulator temporarily limited Revolut’s ability to launch products across the European Economic Area. Regulators said the company needed to address “deficiencies” in its approval processes first.
The ECB also ordered Revolut to commission an independent review of the risk, compliance and legal functions involved in product launches, according to the Financial Times.
The ECB also ordered Revolut to review staffing levels, expertise and independence within its product approval process. Regulators wanted future products to receive sign-off from company “experts”. They also urged the board to assess how new launches could affect capital and liquidity.
The measures were stricter outside the bloc. Revolut’s European arm could not pursue acquisitions or take on new customers beyond Europe.
The ECB informed Revolut’s European board of the restrictions in July 2025.
Citing a person close to Revolut, the Financial Times said the company strengthened its internal product launch process after last summer. This included enhanced reviews by internal specialists.
The publication said it could not establish whether regulators have lifted all of the restrictions. However, Revolut has continued to expand. Over the past year it has launched mortgages, teen accounts and physical branches across Europe.
Revolut and ECB response
Revolut said: “In line with supervisory expectations, we regularly strengthen our internal control environment and operational processes.
“We are in continuous and constructive dialogue with our regulators, including the European Central Bank, as part of our normal course of operations as a fully licensed bank.”
The ECB declined to comment.
Since launching in 2015, Revolut has expanded rapidly to become Europe’s most valuable fintech. It now serves 75 million customers. Last year, pre-tax profits rose 57% to £1.7 billion on revenues of £4.5 billion.
Revolut operates in Europe under a banking licence issued by the Bank of Lithuania in 2018.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
