FinTech Growth vs. Compliance: Revolut's €3.5M fine again exposes industry challenges 😳🛡️; The AWS of FinTech files for bankruptcy 😬🏦; Tether plans new US stablecoin & payment network 👀🪙
FinTech is Eating the World, 11 April
Hey Everyone,
Good morning & happy Friday! Another intense FinTech week is about to end, and we’re finishing it off with a high note 🍰 Today we’re looking into Revolut which just got a €3.5 million fine from the Bank of Lithuania yet again exposing industry challenges (what it’s all about, why it matters & what to expect next + more bonus reads about Revolut inside), the AWS of FinTech that just filed for bankruptcy (what happened here and what it means for the future of BaaS), and Tether that is planning a new US stablecoin & payment network (what it’s all about & why it matters + bonus dive into 110+ real-world use cases of stablecoins, Circle IPO deep dive & more). Let’s jump straight into the fantastic stuff 🌶️
FinTech Growth vs. Compliance: Revolut's €3.5M fine again exposes industry-wide challenges 😳🛡️
The news 🗞️ The Bank of Lithuania (BoL) has just imposed a whopping €3.5 million (approximately £3 million) fine on Revolut for deficiencies in its anti-money laundering (AML) controls, marking the UK FinTech’s largest financial penalty to date.
The announcement follows a routine inspection that identified "violations and shortcomings in the monitoring of business relationships and transactions."
Let’s take a quick look at this, see why it matters, and what to expect next.