The UK Watchdog is £ 21 million for ‘very short’ for financial crime

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The British Financial Regulator has repeatedly 21 million £ 21 million to open the opening rules of “high-risk clients”, including “open-impact information” and “high-risk customers”, including “open-impact information” and home addresses in the 10th Downing Street.

The financial behavioral organization would have failed the existing customers after the Monzo has not been able to turn to high-risk customers for several years in 2019 after the application inspection system.

In 2020, the guard, which controls Monzo’s financial risk and launching an official investigation in 2021, did not hold the pace with the expansion of the bank and “actual and potential financial criminal risks,” he said.

Despite the opening of a block of high-risk clients in Monzoda, the lender “repeatedly did not respond to the terms and more than 34,000 high-risk customers and from August 202 to June 2022.

Regulators have started control of the financial crimes of digital banks. FCA Starling Bank made a current 29 mln last year For a “shocking Lax” screen of higher risk customers.

By announcing the sentence on Tuesday, FCA said Monzo “If it did not have adequate customer, customer risks evaluation and operational monitoring systems to reduce financial criminal risk.”

Therese Chambers, FCA joint EXECUTIVE CEO and Market Control Director, “Monzo said that what we are and waiting for society and waiting.

“Monzo is limited to customers and in some cases, like customers who use openly neutral information – known London signs as an address.” Among them Buckingham Palace, 10 Downing Street and Monzo had their own business address.

The bank would be fined 30 million, but received 30 percent discount to solve problems.

Monzo was not a member of the cifas, which was originally a database of national fraud prevention. After signing in 2020, about 53,600 customers failed the CIFAS’s choice, and found that he could afford to close more than half of their accounts.

However, the Monzo set up and completed financial crimes in accordance with the recommendations given in an independent review of the financial crime to correct and increase the management framework. ” Fca said.

Monzo began by offering pre-paid payment cards and expanded rapidly after gaining a banking license in 2017. Now offers current accounts, business banking, overdraft, credit and money transfers. In 2017, from 250,000 customers increased from March 12 to more than March 12.

“The results of FCA refer to a line that ended and solved three years ago and a line that is resolved in the past,” said Monzo Chief Executive TS Anil.

Anil, who has been headed by a digital bank since 2020, “Finance crimes are a problem affecting the industry.” He said that Monzo “does everything we can do to stop his ways.”