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FCA fines Monzo £21m for opening new accounts despite ban

Hand tapping a Monzo bank card on the payment machine
Monzo is one of the UK’s fastest growing digital banks, with almost six million customers. Photo: Monzo

Hameed Shuja

1 min read
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The FCA has said it was obvious that some customers were too “high risk” to be allowed to open an account at Monzo.

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

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