The state of economic crime prevention amongst digital banks has been as soon as once more referred to as into query this week after Monzo, one of many UK’s hottest examplars, was handed a £21m high quality by the Monetary Conduct Authority (FCA) for historic failings of their safety.
The FCA stated on Monday that the financial institution, which serves greater than 13 million prospects, didn’t implement enough screening, threat evaluation and transaction monitoring programs between 2018 and 2020.
The regulator additionally famous that the financial institution, throughout a interval during which it was below investigation by the regulator, didn’t adjust to an order to not onboard “high-risk” prospects.
The excessive profile regulatory motion is the newest in a string of comparable instances carried out by the FCA over digital-focused banking companies, with Starling and Metro Financial institution each having confronted fines over flaws of their monetary crime prevention programs….
