Monzo fined UK£21m for flawed CDD; new high-risk customer accounts breached undertaking

UK fintech, latterly challenger bank Monzo has been ordered to pay a UK£21,091,300 (US$28,638,175) by the Financial Conduct Authority (FCA) over inadequacies in its customer onboarding, which enabled some accounts to be registered to addresses of "well-known London landmarks", including Buckingham Palace and 10 Downing Street, and for contravening a restriction barring it from taking on high-risk customers.

UK fintech, latterly challenger bank Monzo has been ordered to pay a UK£21,091,300 (US$28,638,175) by the Financial Conduct Authority (FCA) over inadequacies in its customer onboarding, which enabled some accounts to be registered to addresses of "well-known London landmarks", including Buckingham Palace and 10 Downing Street, and for contravening a restriction barring it from taking on high-risk customers.