The UK’s top financial watchdog has fined one of the country’s fastest growing digital banks, Monzo, £21m ($28.48m) for allowing a number of “high-risk customers” to open accounts with them.
According to a press release from the FCA, Monzo had “inadequate anti-financial crime systems and controls between October 2018 and
And
Free Trial
Register for free to keep reading.
To continue reading this article and unlock full access to GRIP, register now. You’ll enjoy free access to all content until our subscription service launches in early 2026.
- Unlimited access to industry insights
- Stay on top of key rules and regulatory changes with our Rules Navigator
- Ad-free experience with no distractions
- Regular podcasts from trusted external experts
- Fresh compliance and regulatory content every day
