Monzo fined 21m after fraudsters open accounts using 'Buckingham Palace' as home address
Monzo has been fined £21 million by the Financial Conduct Authority (FCA) after fraudsters were able to open bank accounts using clearly fake or implausible addresses - including Buckingham Palace and 10 Downing Street.
Monzo fined 21m after customers used No 10 and Buckingham Palace as addresses
Monzo's financial crime controls were so inadequate that customers registered with implausible addresses, such as Buckingham Palace and 10 Downing Street, without detection.