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Monzo faces FCA probe over potential AML breaches
The Financial Conduct Authority (FCA) is investigating challenger bank Monzo over potential breaches of anti-money laundering and financial crime rules.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
The period covered under the investigation runs from 1 October 2018 to 30 April 2021, and is assessing both potential civil and criminal liability.
The FCA has increased efforts to crackdown on money laundering in the sector. In May, the regulator sent a ‘Dear CEO’ letter to chief executives of the UK’s retail banks, warning that action was needed in response to “common control failings identified in anti-money laundering frameworks.”
In its annual report, the challenger bank said that it was notified of the FCA’s investigation in May this year.
A Monzo spokesperson said: “The prevention of financial crime is an issue that affects the entire banking industry and one which Monzo is taking extremely seriously. Over the past year we have made major investments in our controls in this area as a priority and will continue to invest heavily in this part of the business.
“The FCA’s investigation remains at an early stage. Our operations are unaffected and we remain committed to serving our customers”.
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