Monzo Faces £21M Penalty Over Compliance
Hey Digital Banking Fanatic!
The FCA has fined Monzo Bank £21.1 million, which is about 1/3 of its latest pre-tax profit! 🤯
Monzo CEO TS Anil responded: “The FCA’s findings relate to a historical period that ended three years ago… with our learnings at the time leading to substantial improvements in our controls.”
The penalty covers failures in Monzo’s financial crime controls in the past, including gaps in onboarding, risk checks, and monitoring, leading to the onboarding of tens of thousands of high-risk customers. 😬
Keep scrolling for more on this and the latest in Digital Banking 👇 I’ll be back tomorrow!
Cheers,
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INSIGHTS
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NEWS
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