The UK’s financial organizer fined Monzo 21 million pounds for its frequent violation of rules against the accounts of “clients at risk” after the customer digital bank “clearly unreasonable information”.
The Financial Conduct Authority began reviewing Monto’s financial risk controls in 2020 and opened an official investigation in 2021.
Although the International Energy Agency, which imposes a mass on Monzo, opens new accounts for customers at risk, the lender “has repeatedly failed to comply with the requirements of the requirements” and more than 34,000 high -level customers occurred between August 2020 and June 2022.
FCA said with the announcement of the penalty on Tuesday Monzo “He failed to design, implement and maintain customer on board, assess customer risk, and transaction monitoring systems to reduce the risk of financial crime.”
“Monzo has decreased somewhat we expect, and society has decreased,” said the Teters Chambers, the joint executive director of the market for enforcement and supervision of the market.
She said: “Monzo is on board customers on a limited basis, and in some cases, it is clear that unreasonable information – like customers who use London’s features known as the title.”
However, Monzo has since “created a program to change financial crime and complete it to treat and enhance the wider financial crime control framework framework in line with the recommendations made in independent review,” FCA He said.
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