US EditionMonzo fined $28 million by UK regulator for inadequate financial crime controls
UNITED KINGDOM, JUL 8 – Monzo onboarded over 34,000 high-risk customers and used implausible addresses, prompting a £21 million fine discounted from £30.1 million after improvements, the FCA said.
- Monzo was fined £21 million by the Financial Conduct Authority for its failures regarding anti-financial crime measures.
- The Financial Conduct Authority's investigation revealed that Monzo took on customers with questionable addresses.
- Therese Chambers stated that banks play a crucial role in combating financial crime.
- Monzo reported making substantial improvements in its systems and controls after the investigation.
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Monzo fined $28 million by UK regulator for inadequate financial crime controls
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 landmarks such as Buckingham Palace as their address.
·United Kingdom
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Monzo fined £21M by UK regulator for failing to block fraudulent accounts with fake addresses like Buckingham Palace - Tech Startups
A digital bank accepting customers who claimed to live at Buckingham Palace and 10 Downing Street sounds like a punchline. But for Monzo, it just turned into a £21 million problem. Britain’s Financial Conduct Authority (FCA) has fined digital banking […] The post Monzo fined £21M by UK regulator for failing to block fraudulent accounts with fake addresses like Buckingham Palace first appeared on Tech Startups.
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