Monzo fined £21m after customers used No 10 and Buckingham Palace as addresses

FCA finds digital bank failed to employ adequate controls when signing up new clientsBusiness live – latest updatesThe digital bank Monzo has been fined £21m over weak financial crime controls, after it allowed customers to register for accounts with “implausible” home addresses including 10 Downing Street, Buckingham Palace and Monzo’s own headquarters.The Financial Conduct Authority’s (FCA) penalty follows a lengthy investigation, which discovered that Monzo’s internal controls failed to keep up with a rise in customers, which ballooned from 600,000 in 2018 to more than 5.8 million in 2022. Continue reading...

Comments

Business News

EDF investment hailed as ‘vote of confidence in UK’, despite reduced stake

Evening Standard

Comments

Similar News

Monzo fined after customers put Buckingham Palace and No 10 as home addresses

Monzo fined £21m after customers use Buckingham Palace as address

Monzo fined over £21m after anti-fraud controls ‘fell far short’

Monzo Bank hit with £21m fine for 'inadequate' financial crime controls

Business News

EDF investment hailed as ‘vote of confidence in UK’, despite reduced stake

Rishi Sunak joins Goldman Sachs as senior adviser

Monzo fined after customers put Buckingham Palace and No 10 as home addresses

EDF investment hailed as ‘vote of confidence in UK’, despite reduced stake

M&M’s and Skittles maker resists RFK Jr’s demand to remove synthetic dyes from candies

Tesla’s board of directors urged to ‘act now’ and rein in Elon Musk after vow to form America Party

Resident doctors vote in favour of strike action

Pay-monthly insurance options offer fair value, company bosses tell MPs

Almost 40% of female Scottish survey respondents report inappropriate touching

Monzo fined after customers put Buckingham Palace and No 10 as home addresses

Resident doctors vote in favour of strike action

Public finances on ‘unsustainable’ path due to spending promises, says OBR

Almost 40% of female Scottish survey respondents report inappropriate touching

A look at the countries that received Trump's tariff letters

Pay-monthly insurance options offer fair value, company bosses tell MPs

Almost 40% of female Scottish survey respondents report inappropriate touching

Resident doctors vote in favour of strike action

Fashion label worn by Kate during pregnancy collapses into administration

UK energy supplier to pay £1.5m in compensation for billing errors

Monzo fined £21m after customers use Buckingham Palace as address

Yorkshire households first to face hosepipe ban as hot dry summer bites

Monzo fined over £21m after anti-fraud controls ‘fell far short’

OBR: Vulnerable UK faces 'daunting' threats to stability of public finances after welfare climbdown

Yorkshire households first to face hosepipe ban as hot dry summer bites

M&S cyber attackers may have worked with Asia-based DragonForce, MPs hear

UK finances in ‘vulnerable’ position after reversed spending cuts, says OBR

July 2025 benefits and pension payments dates plus cost of living support

Car finance mis‑selling: could you be owed up to £4,000**? Find out in 60 seconds

Maternity label worn by Kate collapses into administration

Horizon IT scandal final report will be ‘monumental’, says ex-subpostmaster

Octopus Energy pays £1.5 million for prepayment meter billing errors

Shein files to float in Hong Kong but hopes to keep London IPO alive – reports

Begbies Traynor boosted by rise in larger scale company failures

Which are the subpostmaster redress schemes and what criticism have they faced?

Octopus Energy pays £1.5 million for prepayment meter billing errors

Horizon IT scandal final report will be ‘monumental’, says ex-subpostmaster

UK finances in ‘vulnerable’ position after reversed spending cuts, says OBR

Maternity label worn by Kate collapses into administration

Shein files to float in Hong Kong but hopes to keep London IPO alive – reports

Begbies Traynor boosted by rise in larger scale company failures

Trump sets 25% tariffs on Japan and South Korea, and new import taxes on 12 other nations

Horizon inquiry ‘just another book’ unless change comes, says victim

First tranche of final report from Horizon scandal inquiry to be published

Competition watchdog puts Greencore’s £1.2bn swoop for Bakkavor under microscope

Road schemes will ‘probably’ be finished in under a decade – Transport Secretary

Heathrow terminals to play new track created entirely from airport sounds

WeightWatchers emerges from bankruptcy after slimming down debts

London small business confidence slumps to levels not seen since the pandemic

Competition watchdog puts Greencore’s £1.2bn swoop for Bakkavor under microscope

WeightWatchers emerges from bankruptcy after slimming down debts

Road schemes will ‘probably’ be finished in under a decade – Transport Secretary

Heathrow terminals to play new track created entirely from airport sounds

ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus

Trump accuses Brazilian authorities of 'witch hunt' against ex-President Jair Bolsonaro

China extends visa-free entry to more than 70 countries to draw tourists

Asian shares rise as Trump pressures trading partners with new tariffs

Latest 'Tiger King' twist finds 'Doc' Antle facing possible prison sentence for animal trafficking

China warns Trump on tariffs, threatens retaliation on supply chain deals

What is going on with Trump’s tariffs? All you need to know as trade deal deadline delayed again

Business news live: Trump sends 12 nations new tariff rates letters and Apple appeal €500m EU fine