Monzo fined £21m after accepting suspect addresses like 'Buckingham Palace'

Monzo Bank plc has been penalised £21 million for running inadequate anti-financial crime systems for nearly four years between 2018 and 2022, when it was onboarding clients with addresses as suspicious as Buckingham Palace, 10 Downing Street and the bank's own location in Shoreditch.

By Neasa MacErlean

The breaches continued despite the imposing of FCA requirements and a review from a Skilled Person. Over 26,000 high-risk customers were taken on despite the firm being required not to onboard this type of client.