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Monzo fined £21mn after high-risk clients gave addresses such as Buckingham Palace
The UK financial regulator has fined Monzo £21mn for repeatedly breaching rules against opening accounts for “high-risk customers” after the digital bank took on clients that provided “obviously implausible information” including home addresses at Buckingham Palace and 10 Downing Street.
Monzo has been fined £21m by the Financial Conduct Authority (FCA) for its failures regarding anti-financial crime measures.
U.K. regulators said Monzo didn't properly vet new customers, while Vocalink was dinged for risk management lapses. Also, ...
Britain's Financial Conduct Authority has fined the online bank Monzo the equivalent of more than $28 million for failing to ...
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UK regulator fines Monzo for financial crime lapsesThe bank failed to maintain adequate anti-financial crime systems and controls from October 2018 to August 2020.
Britain's financial regulator has fined digital bank Monzo 21 million pounds ($28.57 million) for inadequate protection against financial crime, which included taking on customers who had listed ...
Monzo has been fined more than £21 million over anti-fraud failures that saw it take on board customers with “implausible” information, including using London landmarks as their addresses.
Monzo’s customer base has grown rapidly since it received full banking permissions in April 2017, increasing from 600,000 in 2018 to over 5.8mn in 2022. But the bank’s financial crime controls failed ...
To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. A regulator fined U.K. neobank Monzo £21.1 million ($28.7 million) Monday for failures of its anti-money ...
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