Now it's Monzo's turn

lon_don

https://www.fca.org.uk/news/press-releases/fca-fines-monzo-21m-failings-financial-crime-controls

Starling and Revolut less lonely now.

wmb194

“'Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information – such as customers using well known London landmarks as an address. This illustrates how lacking Monzo's financial crime controls were. This was compounded by its inability to properly comply with the requirement not to onboard high-risk customers.'”

Hah, hah, hah!

lon_don

wmb194 said:

“'Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information – such as customers using well known London landmarks as an address. This illustrates how lacking Monzo's financial crime controls were. This was compounded by its inability to properly comply with the requirement not to onboard high-risk customers.'”

Hah, hah, hah!

I must say sometime I use SW1A 1AA or SW1A 2AA as address/postcode when registering for "stuffs" online.

HillStreetBlues

lon_don said:

wmb194 said:

“'Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information – such as customers using well known London landmarks as an address. This illustrates how lacking Monzo's financial crime controls were. This was compounded by its inability to properly comply with the requirement not to onboard high-risk customers.'”

Hah, hah, hah!

I must say sometime I use SW1A 1AA or SW1A 2AA as address/postcode when registering for "stuffs" online.

I did that with a forwarding addy with Severn Trent. I now have Buck House on my credit file.

DullGreyGuy

lon_don said:

wmb194 said:

“'Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information – such as customers using well known London landmarks as an address. This illustrates how lacking Monzo's financial crime controls were. This was compounded by its inability to properly comply with the requirement not to onboard high-risk customers.'”

Hah, hah, hah!

I must say sometime I use SW1A 1AA or SW1A 2AA as address/postcode when registering for "stuffs" online.

First ever job was in a mail order company (before the days of online orders) and we did have a fair number of customers with SW1A 1AA postcode. Obviously was physical goods we were selling so they did actually live in Buck Palace, a google suggests they've got 188 staff bedrooms in there so a fair number of people do actually live on site in addition to the more famous inhabitants. 

[Deleted User]

wmb194 said:

“'Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information – such as customers using well known London landmarks as an address. This illustrates how lacking Monzo's financial crime controls were. This was compounded by its inability to properly comply with the requirement not to onboard high-risk customers.'”

Hah, hah, hah!

This does not surprise me at all given some of the people I've seen use Monzo when more mainstream banks (including Starling) had turned them away.