Challenger bank fined heavily for allowing implausible customer IDs

August 8, 2025by ghanchi2000
The so-called ‘digital challenger bank’ Monzo, which offers personal current accounts through smartphone apps without using a branch network, has been fined GBP21 million for having inadequate anti-financial crime systems and anti-money laundering controls between October 2018 and August 2020. The bank’s customer base had substantially
The number of increased during the period, and it had collected limited customer due diligence information to speed up the onboarding of customers, some of whom had supplied implausible addresses, such as Buckingham Palace and 10 Downing Street.

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