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Evening Standard
Evening Standard
Business
Holly Williams

Monzo fined over £21m after financial crime controls ‘fell far short’

Monzo FCA
Monzo has been fined more than £21 million over anti-fraud failures that saw it take on board customers with “implausible” information, including using London landmarks as their addresses. (Monzo/PA) - (PA Media)

Monzo has been fined more than £21 million over financial crime failures that saw it take on board customers with “implausible” information, including using London landmarks as their addresses.

The UK’s financial watchdog said the fine related to failures regarding anti-financial crime measures dating back to between October 2018 and August 2020.

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