Monzo has been fined more than £21m by the Financial Conduct Authority (FCA) for a series of “systemic failings” in its financial crime controls. This includes repeatedly breaching restrictions on opening accounts for high-risk customers. The £21.1m penalty relates to serious weaknesses in the digital bank’s systems between October 2018 and August 2020.  During this … Continue reading Monzo handed £21m fine as FCA cracks down on financial crime