Revolut: Revolut's EU Trading Unit Gains MiFID II Upgrade from Lithuania Following 3.5 Million Fine

Revolut Securities Europe UAB (RSEUAB), the European trading subsidiary of Revolut, has received a license upgrade from the Bank of Lithuania. The firm is now classified as a Category A financial firm under the Markets in Financial Instruments Directive II (MiFID II).Earlier this month, the Bank of Lithuania fined Revolut 3.5 million euros ($3.83 million) for deficiencies in money-laundering prevention. A routine inspection found issues with the company's monitoring of business relationships and operations, resulting in inadequate detection of suspicious transactions, according to the bank's statement.RSEUAB Gains Approval to Broaden OfferingsThe license upgrade enables RSEUAB to expand the range of services it is permitted to offer within the European Economic Area (EEA). RSEUAB currently provides brokerage services for Revolut Invest, a platform that allows users to trade stocks and other financial instruments. The new license provides a wider regulatory framework for supporting and developing these activities in Europe.Bank of Lithuania Oversees Revolut ComplianceMiFID II is a key piece of EU legislation. It governs firms that provide investment services and trade financial instruments. By receiving the Category A license, RSEUAB has met the regulatory requirements set out in this directive.The Bank of Lithuania regulates RSEUAB. It oversees the firm's compliance with EU financial rules. The regulator plays a central role in ensuring consumer protection and market integrity in Lithuania and across the EEA.This article was written by Tareq Sikder at www.financemagnates.com.