80 m. ago Monzo fined for allowing customers to put Buckingham Palace and No 10 as home addresses

The address of Monzo’s own headquarters had even been used by fraudsters to open an account

Economics

2 h. ago Monzo fined after customers put Buckingham Palace and No 10 as home addresses

The Financial Conduct Authority found customers were allowed to register bank accounts to addresses including PO Boxes and London landmarks.

Economics

4 h. ago Monzo fined over £21m after financial crime controls ‘fell far short’

The FCA said Monzo’s financial crime systems and controls ‘failed to keep pace’ with its rapid growth in customers numbers in recent years.

Economics

4 h. ago Monzo fined £21m after customers use Buckingham Palace as address

The FCA said Monzo’s financial fraud systems and controls ‘failed to keep pace’ with its rapid growth in customers numbers in recent years.

Economics

4 h. ago Business news live: Two more lenders drop mortgage rates and Monzo fined £21m over crime controls

Stock markets updates and business news from Tuesday

Economics

5 h. ago Monzo fined £21m after customers used No 10 and Buckingham Palace as addresses

FCA finds digital bank failed to employ adequate controls when signing up new clientsBusiness live – latest updatesThe digital bank Monzo has been fined £21m over weak financial crime controls, after it allowed customers to register for accounts with “implausible” home addresses including 10 Downing Street, Buckingham Palace and Monzo’s own headquarters.The Financial Conduct Authority’s (FCA) penalty follows a lengthy investigation, which discovered that Monzo’s internal controls failed to keep up with a rise in customers, which ballooned from 600,000 in 2018 to more than 5.8 million in 2022. Continue reading...

Economics

5 h. ago Business news live: FTSE 100 up after new Trump tariff rates and Monzo fined £21m over crime controls

Stock markets updates and business news from Tuesday

Economics