UK bank hit with huge fine for ‘anti-financial crime' failures
The FCA found that Monzo allowed customers to open accounts using "obviously implausible UK addresses" such as Buckingham Palace and 10 Downing Street.
These shortcomings in Monzo's anti-financial crime measures date back to between October 2018 and August 2020.
Monzo also breached a regulatory requirement by failing to prevent the onboarding of over 34,000 high-risk customers between August 2020 and June 2022.
The FCA stated that Monzo's financial fraud systems and controls "failed to keep pace" with its rapid customer growth, though Monzo claims "substantial improvements" have since been made.
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