Monjo fined for giving an account to fake 10 downing stress

Digital Bank Monjo has accepted 10 Downing Street, Buckingham Palace and even customers claiming to stay in their own premises, found in an investigation.

The lack of verification of the address meant that it failed to present the “impervious” use of London sites on applications to open accounts.

Monjo was fined by the Financial Conduct Authority (FCA) by the Financial Conduct Authority (FCA) for its failures for anti -financial crime measures.

The bank said that dating and huge improvements for more than three years related to the problems related to regulator’s findings were made in their system ever since.

The FCA investigation, which has taken several years, found that Monzo took the PO box, with the UK postcode using foreign addresses or “clearly the UK addresses, such as the famous London Landmark”.

These included the UK Prime Minister 10 Downing Street, Royal Residence Buckingham Palace and home in their own business complex.

The regulator stated that the lack of verification meant that it was based on risky customers, based outside the UK, and stated that “how was Monjo’s lack of financial crime controls”, the regulator said.

It was one of many areas in which it failed to reduce the risk of financial offenses.

Monjo had increased rapidly, the number of customers increased from about 600,000 in 2018 to about ten times in 2022 to more than 5.8 million. Many people were attracted to their claims of being a digital pioneer. It has no material branches.

However, the FCA stated that Monjo’s financial crime control failed to keep pace with its customer and product development.

Theresi Chambers, FCA Joint Executive Director Enforcement and Market Oversite stated that banks were an important line of defense in the fight against financial offenses.

“They must have a system to prevent the flow of sick profit in the financial system,” she said.

“Monjo we, and the society have become much less than, hope.”

Monjo’s CEO TS Anil said the FCA’s findings “form a line under issues that have been solved and firmly in the past” as it was now improved.

Between October 2018 and August 2020, the bank was fined for its inadequate-financial crime systems and controls.

The FCA stated that it also repeatedly violates a requirement that prevents it from opening accounts for high-risk customers between August 2020 and June 2022.

Mr. Anil said that financial crime was an issue that affected the entire banking sector, but Monjo was “doing everything we can stop it in its tracks”.