Monzo bank in money laundering rules investigation.
Written by crest887fm on August 1, 2021
Digital bank Monzo is being investigated by the Financial Conduct Authority (FCA) over potential breaches of financial crime regulations, the bank has disclosed.
The financial watchdog sent letters to several retail banks including Monzo in May, warning of failings in their anti-money laundering controls.
Monzo said it was complying fully with the FCA’s investigation.
This comes on the back of customer complaints Monzo received in 2020.
A Monzo spokesperson said the bank took the prevention of financial crime “extremely seriously”.
In 2020, hundreds of Monzo customers claimed they were left without access to money when their accounts were suddenly frozen during the first coronavirus lockdown,
In response to the Guardian investigation, the mobile app-based challenger bank unblocked a customer’s account and apologised, saying “we don’t always get this right”.