Monzo, an online bank, was fined £21 million by the Financial Conduct Authority (FCA) for enrolling customers with “obviously implausible” addresses, such as Buckingham Palace. The FCA highlighted Monzo’s failure to prevent financial crime amid rapid customer growth. Despite being ordered to improve in 2020, Monzo continued to sign up high-risk customers until June 2022. Monzo claims significant improvements have been made since.
