The UK’s Financial Conduct Authority (FCA) fined Monzo Bank £21.1 million for inadequate anti-money laundering (AML) systems and controls between October 2018 and August 2020.
Monzo onboarded over 34,000 high-risk customers between August 2020 and June 2022, breaching a restriction imposed by the FCA.
The FCA highlighted that Monzo accepted customers with implausible information, such as using well-known London landmarks as addresses, indicating significant lapses in customer due diligence.