UK bank hit with huge fine for ‘anti-financial crime’ failures

• Digital bank Monzo has been fined over £21 million by the UK's Financial Conduct Authority (FCA) for significant anti-fraud 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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Monzo fined £21m after customers use Buckingham Palace as address