Fintech

Monzo fined £21m for ‘systemic failings’ in financial crime controls

Penalty is the FCA’s latest fine against a UK digital bank

Monzo expanded rapidly between 2018 and 2020 Thomas Fuller/SOPA Images/LightRocket via Getty Images
Monzo expanded rapidly between 2018 and 2020 Thomas Fuller/SOPA Images/LightRocket via Getty Images Photo: SOPA Images/LightRocket via Getty Images

The Financial Conduct Authority has fined Monzo £21.1m for inadequate anti-financial crime systems and controls, in the regulator’s latest penalty against a digital bank.

The FCA said Monzo’s controls did not keep pace with its rapid customer and product growth between October 2018 and August 2020.

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