The Financial Conduct Authority announced fines of £21 million against UK Challenger Bank for serious AML weaknesses between 2018 and 2020. This follows a fine against Starling Bank for £28 million also a UK Challenger bank last year. The FCA found that, key elements of Monzo’s financial crime framework particularly with regard to customer risk assessments and the collection of customer information did not keep pace with the Firms expansion and during the VREQ period. FCA considers that...
