Monzo Bank has been fined over £21m by the Financial Conduct Authority for inadequacies in its anti-financial crime systems and controls between October 2018 and August 2020.
The neo-bank also repeatedly breached a requirement preventing it from opening accounts for high-risk customers between August 2020 and June 2022. According to the financial watchdog, "Monzo's financial crime controls failed to keep pace with its customer and product growth", which expanded almost tenfold between 2018 and 2022, growing from 600,000 to nearly six million users during that time. FCA set to cut red tape for investment firms in effort to streamline regulation "Monzo failed to design, implement and maintain adequate customer onboarding, customer risk assessment and tr...
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