Surveillance souls in the United Kingdom Monzo 21 million pounds sterling for “ falling far ” on financial crime
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The British financial regulator inflicted a fine on Monzo 21 million pounds sterling for having repeatedly violated the rules against the opening accounts of “high -risk customers” after the digital bank faced customers with “obviously incredible information”.
The Financial Conduct Authority began to examine the financial risk controls of Monzo in 2020 and opened an official survey in 2021.
Although the watchdog has imposed a block on the new Monzo opening accounts for high -risk customers, the lender “has failed to maintain the terms of the requirement on several occasions” and signed more than 34,000 high -risk customers between August 2020 and June 2022.
Announcing the penalty on Tuesday, the FCA said that Monzo had “failed to design, implement and maintain adequate systems for customer integration, customer risk assessment and transactions monitoring to mitigate the risk of financial crime”.
Therese Chambers, joint executive director of the FCA for the application and monitoring of the market, said: “Monzo fell away from what we, and the company, expect.
“Monzo integrated customers on the basis of limited information and, in some cases, manifestly incredible-such as customers using well-known London benchmarks as an address,” she said.
However, Monzo has since established and completed a financial crime change program to remedy and improve its wider financial control framework in accordance with the recommendations made in the independent exam, “said the FCA.
