FCA Probes Monzo Bank Over Potential AML Breaches

By Najiyya Budaly (July 30, 2021, 3:08 PM BST) -- Online lender Monzo said on Friday that the Financial Conduct Authority has launched a probe into its compliance with anti-money laundering rules after it revealed £130 million ($180 million) in losses for the financial year to February.

Online lender Monzo Bank has announced that the City watchdog has started an investigation into potential breaches of Britain's financial crime regulations. (Adrian Dennis/AFP via Getty Images) Monzo Bank Ltd. said that the City watchdog has started an investigation into potential breaches of Britain's financial crime regulation. The app-based "challenger" bank, which offers personal and business banking, said it is facing civil and criminal...

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