Monzo Bank getting a kicking on 'Watchdog'
Options
Comments
-
The_Urbanite wrote: »Banks can be fined severely if they are found to be too lax and facilitating money laundering. When they freeze accounts and submit a Suspicious Activity Report to the National Crime Agency (NCA), they have to wait up to 7 days for further instruction. If instructed to keep the account frozen, they then have to wait up to another 31 days for further instruction. Then it is either reopened, closed with funds returned or the police will seize the funds.
From the first report to the NCA, it is illegal for them to tell the customer why their account has been frozen. It's also illegal to unfreeze the account until the NCA say so or don't bother responding within those deadlines.
No, it isn't very nice if you've done nothing wrong and sometimes there are false positives. But caution is what the law requires. So Monzo, or any bank for that matter don't deserve to be chastised for that. I don't get why the BBC has picked on Monzo when every single bank does this.
The second anti money laundering departments relax their flags, that floodgate for money launderers opens just that bit wider. I attended a talk on financial crime the other week and the stuff money laundering is linked to is horrendous - AML staff were getting emotional even talking about it as they aren't necessarily hardened to the concept of these things.
Now there are other financial institutions out there where the staff working in anti money laundering are irresponsible. I've known them to make up lies in reports to the NCA to frame unusual, but legal activity as money laundering. Where if they just report the facts without embellishment, the NCA wouldn't be interested. They're the ones who deserve to be exposed on Watchdog!
According to the report, the amount of account freezing at Monzo was disproportionally high.
Also Monzo's response to people not being able to pay their rent or kids going hungry was quite insensitive.0 -
Really? Do you not understand metaphors? Personal appearance has no bearing on this discussion. Nor do horses, especially high ones like the one I'm on right now. Many on here are hiding behind their narcissistic online personas anyway so we can only guess what they're like in the real world - me included, before you point that out.
Really?
Do YOU not understand sarcasm?0 -
As I see it, those who have no issues with Monzo, don't think anything is amiss. And so dismiss the issues some people have reported, as being "no smoke without fire".
They won't see the injustice of it, unless it happens to them, with no explanation.
This is true of other banks too!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0 -
Monzo do fewer KYC checks than other banks and have a much smaller compliance staff than other banks. Thus they're going to need to do more post-account opening monitoring, will have a lower threshold for what's unusual as they don't know anything at all about their customers, are going to likely have more cases to deal with (as fraudsters/launderers will go where they find it easiest to open and use accounts) and will take longer to resolve unusual activity reports than other banks.
This sort of thing is an inevitable consequence of what happens when you take something that's standard across the banking sector for a good reason and then discard it because "it's stupid and it takes too long".urs sinserly,
~~joosy jeezus~~0 -
They also featured on bbc radio 4 last night too. Funny just a few days ago the same members of this forum who are still in denial laughed at the idea it would go on the radio. Well there it is!! Radio and TV. Some people are so blind that even with all the reports they'll still spread lies about how it must be all the customers fault. Accusing of fraud etc Mr bigg wouldn't go to watchdog, radio 4 post all over social media yet some on here suggest they do lmao
Monzo finally exposed for what they are!
#whatsgoingonzomonzo0 -
Oh look - and here you are throwing idle comments into the mix and bringing nothing to the thread to contribute.
And what exactly do you bring to this thread? Or any thread you comment on for that matter? Right nothing0 -
Those who rely on foodbank when his account is frozen should learn from other people experience.
With so many banks, challenger banks, Building society (even an easy access saving account) where you could easily open multiple accounts, you should not rely on a single account, for your need. Let alone the only one they have is a monzo which does not pay you interest at all and a challenger bank.born_again wrote: »What if the funds are believed to be the proceeds of crime. Then the police will request the account frozen.Neil_Jones wrote: »Because if the account is frozen because of say suspected, lets say money laundering or proceeds from crime, if Mr Biggs phones up Marcus or whoever and says "My account has been frozen, why?" and the response is "We think you're profiteering from selling drugs", what do you think Mr Biggs is going to do if he is selling drugs? He's going to go on the run and hide and maybe empty another bank account he owns before that gets frozen too. Tipping Mr Biggs off could be construed as perverting the course of justice on the part of the bank.
The proliferation of crime is normally done by taking the vulnerable people on board with them to achieve their goal. Unfortunately, many vulnerable people do not want to learn or can not learn from people experience. That is the reason why there many cases have been reported in this forum or anywhere else where the innocent people's account (or pretend to be innocence) have been used to syphon the money proceed from illicit activities.0 -
According to the report, the amount of account freezing at Monzo was disproportionally high.
Also Monzo's response to people not being able to pay their rent or kids going hungry was quite insensitive.
I'm not so sure it is disproportionately high. A lot of fintech and e-money based firms will suspend accounts at the drop of a hat - but most aren't anywhere as well known or popular as Monzo.
If something strange was going on with those accounts, they have to report it and cannot legally give the money back until authorised. The only thing these people would be happy with is getting access to their money immediately. But that is not legally allowed so what are the banks supposed to do to make it better?
I've spoken to police financial investigators and they've come across a lot of people who doth protest their innocence who turn out to be muling/laundering. They can even pick up on amounts as small as a couple of hundred quid.0 -
Is there perhaps a corresponding higher number of accepted applications at Monzo? As they don't carry out a full credit check at the time of application.According to the report, the amount of account freezing at Monzo was disproportionally high.
People who have their accounts frozen and don't have a backup bank account would find themselves in the same predicament, with any bank.Also Monzo's response to people not being able to pay their rent or kids going hungry was quite insensitive.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards