Monzo fined £21 million by UK regulator for financial crime lapses

Published 08/07/2025, 11:10
Monzo fined £21 million by UK regulator for financial crime lapses

Investing.com -- British digital bank Monzo has been fined £21 million ($28.57 million) by the Financial Conduct Authority (FCA) for having inadequate anti-financial crime systems and controls, the UK regulator said Tuesday.

The FCA cited deficiencies in Monzo’s financial crime prevention measures during the period from October 2018 to August 2020.

The regulator also stated that Monzo repeatedly violated requirements that prevented it from opening accounts for high-risk customers between August 2020 and June 2022.

In response to the fine, Monzo’s CEO TS Anil said the FCA’s findings "relate to a historical period that ended three years ago."

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.