Reported 22 days ago
The UK's Financial Conduct Authority has fined digital bank Monzo £21 million ($28.57 million) for inadequate financial crime protections, including onboarding customers with implausible addresses like Buckingham Palace. The FCA found that Monzo failed to maintain effective controls during its rapid growth between October 2018 and August 2020. Monzo's CEO stated that these issues have been resolved and emphasized their commitment to improving financial crime prevention measures.
Source: YAHOO