UK Fines Monzo £21 Million Over Anti-Money Laundering Lapses

The UK’s Financial Conduct Authority fined Monzo Bank Ltd. £21 million ($29 million) over failures tied to the digital lender’s systems for stopping financial crime.

Between 2018 and 2022 — a period during which Monzo’s customer base soared roughly tenfold to 5.8 million users — the watchdog found that Monzo did not obtain sufficient information about customers during the onboarding process, the FCA said in a statement.