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- Monzo fined $28 million by UK regulator for financial crime failings</p>
<p>July 8, 2025 at 5:10 AM</p>
<p>LONDON (Reuters) -Britain's financial regulator has fined digital bank Monzo 21 million pounds ($28.57 million) for failings in its anti-financial crime systems, which included onboarding customers who had listed London landmarks as their address.</p>
<p>As Monzo grew rapidly, it failed to maintain good enough controls to prevent the risk of financial crime, the Financial Conduct Authority (FCA) said in a statement on Tuesday. The regulator issued a fine of 21.1 million pounds for "inadequate anti-financial crime systems and controls" between October 2018 and August 2020.</p>
<p>Monzo said the problems "have been resolved and are firmly in the past" and that it acted quickly to implement a programme to address financial crime issues in February 2021.</p>
<p>Launched in 2015, Monzo is one of a handful of financial services apps, or "fintechs", to have emerged in Britain in the last decade, offering financial services via an app.</p>
<p>After a 2020 review, the FCA imposed a requirement on Monzo to prevent it from opening new accounts for high-risk customers. But "between August 2020 and June 2022, it repeatedly failed to comply with the terms of the requirement, including signing up over 34,000 high-risk customers," the FCA said.</p>
<p>"Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information – such as customers using well known London landmarks as an address," Therese Chambers, FCA joint executive director of enforcement and market oversight, said.</p>
<p>($1 = 0.7349 pounds)</p>
<p>(Reporting by Tommy Reggiori Wilkes and Elizabeth Howcroft; Editing by Amanda Cooper)</p>
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