Tag: Monzo Bank

UK FINANCIAL WATCHDOG FCA FINES MONZO £21m FOR AML FAILINGS AS RAPID GROWTH OVERRUNS CONTROLS

Britain’s Financial Conduct Authority (FCA) has levied a £21 million penalty on Monzo Bank after finding the challenger’s anti-money-laundering defences “inadequate” during its 2018-2020 hyper-growth phase and noting further breaches as late as 2022. The case underscores the systemic risk posed when fintech scale eclipses compliance maturity.