By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Global NewsphereGlobal Newsphere
  • International
  • Sports
  • Business
  • Entertainment
  • Politics
  • Travel
Reading: Monzo fined £21m (€25m) for allowing fake addresses like ‘Buckingham Palace’
Notification Show More
Global NewsphereGlobal Newsphere
  • International
  • Sports
  • Business
  • Entertainment
  • Politics
  • Travel
© 2025 All Rights reserved | Powered by Globalnewsphere
Global Newsphere > Business > Monzo fined £21m (€25m) for allowing fake addresses like ‘Buckingham Palace’
Monzo fined £21m (€25m) for allowing fake addresses like ‘Buckingham Palace’
Business

Monzo fined £21m (€25m) for allowing fake addresses like ‘Buckingham Palace’

July 9, 2025 4 Min Read
Share
SHARE

Monzo Banking. Credits: Inkdrop, Shutterstock

British digital bank Monzo was fined £21 million (Euro 25 million) for failing to prevent financial crimes after allowing thousands of accounts to be opened using clear fake or incredible addresses, including Buckingham Palace and 10th Daring Street.

The Financial Conduct Authority (FCA) announced the fine on Tuesday, July 8th, citing “completely inadequate” anti-financial crime management between October 2018 and August 2020, with the violation continuing in June 2022.

In a statement by DAMNING, Therese Chambers, co-executive director of FCA execution, said:

“Monzo has onboarded customers based on limited and, in some cases, clearly incredible information, including customers who use famous London landmarks as addresses.” Reuters It has been reported.

Fake address and prohibited customer slipped a crack in Monzo

An investigation by the FCA revealed that Monzo has allowed more than 34,000 high-risk customers to open accounts, despite the ban issued in 2020 specifically prohibiting them from doing so. In some cases, customers who previously closed their accounts due to fraud concerns could easily open new ones.

Some of the obstacles identified by the FCA include:

  • Customers registering accounts using government buildings such as Royal Residence and 10 Downing Street
  • PO Box, Mail Forward Services, and Incorrect U.K. Postcode Use
  • Card orders redirected overseas immediately after an account is opened
  • Multiple accounts linked to a single suspicious address without proper risk checking
  • Business issues Some applicants added that they use Monzo’s own business address as the address of their home.

Chamber warned:

“Banks are an important line of defense in the collective battle against financial crime. Monzo was far below what we and society would expect.”

See also  Murcia: Adding Spice to Exports

Founded in 2015, Monzo currently has over 12 million customers and is one of the UK’s fastest growing challenger banks. However, the FCA said internal systems are not responding to rapid growth, particularly when it comes to reviewing customers, assessing risks and detecting suspicious activity.

This latest fine will put Monzo in other UK fintechs and companies facing serious regulatory scrutiny. According to the FCA, Sterling Bank was fined £29 million (EUR 39.4 million) in 2024 after its system left the financial sector “widely open to criminals.”

Monzo: “The problem is a thing of the past.”

Monzo has since overhauled its compliance system and says it is now meeting regulatory expectations.

“We’re looking forward to seeing you in the future,” said Ts Anil, CEO of Monzo.

“The FCA findings are related to the historic period that ended three years ago. We have invested heavily in systems and controls ever since. We are pleased that the FCA recognizes our progress.” Business issues

Despite the controversy, Monzo reported a sharp increase in profits, with nominal payouts for the year ending March 31, 2025 at £65 million (€82.3 million), up from the previous year’s £13.9 million (€18.9 million). Anil declined to comment on when the bank would pursue its public list. Reuters.

Is the fintech boom at risk for financial security?

With multiple digital banks currently firing, the FCA said it plans to step up industry-wide surveillance. The Monzo incident highlights growing debate. Are “fast-moving” fintech cutting out the fraud prevention corner in the race to control the bank?

See also  Holland´s self-made millionaires

View all financial news.

You Might Also Like

QR supermarket price revolution: Will new label rules slash shopping bills?

Sweden – euro vs krona

German economy takes a hit: Growth slashed in half despite massive budget boost

LinkedIn reveals top jobs in Spain

Morrisons’ ‘brutal’ closures spark job fears

TAGGED:Business News
Share This Article
Facebook Twitter Email Copy Link
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

Irish horror ‘The Morrigan’ among 31 world premieres at Galway Film Fleadh
Irish horror ‘The Morrigan’ among 31 world premieres at Galway Film Fleadh
Entertainment
The Epoch Times
Economic Advisers Council Reports Import Prices Falling, Undercutting Tariff-Driven Inflation Fears
Politics
Syria issues appeal to EU for help battling massive wildfires along northwestern coast
Syria issues appeal to EU for help battling massive wildfires along northwestern coast
International
Trump’s u-turn after u-turn on Ukraine support ‘is disturbing’
Trump’s u-turn after u-turn on Ukraine support ‘is disturbing’
International
Nate Diaz UFC
Nate Diaz Looks To End Two Year Absence From UFC and Identifies Conor McGregor or Max Holloway As Potential Opponents
Sports
How I swapped the corporate grind in London and built my dream business in Spain with zero experience!
How I swapped the corporate grind in London and built my dream business in Spain with zero experience!
Business

About Us

Welcome to Global Newsphere, your trusted source for breaking news and insightful analysis from around the world. Our mission is to keep you informed with accurate, timely, and well-researched news that matters.

Legal Pages

  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Service
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Service

Trending News

Flight cancellations at Germany's Hamburg Airport affect more than 40,000 passengers after strike

Flight cancellations at Germany's Hamburg Airport affect more than 40,000 passengers after strike

The Epoch Times

Noem Taps New Leadership at ICE, Moves to Identify Leakers Within DHS

If You Don’t Have a Real ID by May 7, Can You Still Fly?

If You Don’t Have a Real ID by May 7, Can You Still Fly?

Flight cancellations at Germany's Hamburg Airport affect more than 40,000 passengers after strike
Flight cancellations at Germany's Hamburg Airport affect more than 40,000 passengers after strike
March 10, 2025
The Epoch Times
Noem Taps New Leadership at ICE, Moves to Identify Leakers Within DHS
March 10, 2025
If You Don’t Have a Real ID by May 7, Can You Still Fly?
If You Don’t Have a Real ID by May 7, Can You Still Fly?
March 10, 2025
The Epoch Times
Trump Rebukes Former Australian PM For Claiming CCP Leader More ‘Respectful’
March 10, 2025
© 2025 All Rights reserved | Powered by Globalnewsphere
Welcome Back!

Sign in to your account

Lost your password?