Monzo—FCA fined Monzo £21M for allowing accounts with fake addresses including Buckingham Palace
The FCA fined Monzo £21,091,300 for inadequate anti-financial crime systems from 2018-2020, and for violating a requirement preventing it from opening accounts for high-risk customers from 2020-2022. Monzo onboarded customers using implausible information such as Buckingham Palace and 10 Downing Street as addresses, and opened over 34,000 accounts for high-risk customers in defiance of FCA orders.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Consumer Protection | -against | secondary | -0.50 |
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.111 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.59)× agency (compelled ×0.25)
Evidence (1 signal)
FCA fined Monzo £21M for allowing accounts with fake addresses including Buckingham Palace
The FCA fined Monzo £21,091,300 for inadequate anti-financial crime systems from 2018-2020, and for violating a requirement preventing it from opening accounts for high-risk customers from 2020-2022. Monzo onboarded customers using implausible information such as Buckingham Palace and 10 Downing Street as addresses, and opened over 34,000 accounts for high-risk customers in defiance of FCA orders.