UK digital services company discloses money laundering investigation

Monzo Bank Limited, a UK-based digital banking services company, disclosed in its 2021 Annual Report, published on July 26, 2021, that the UK Financial Conduct Authority is conducting an investigation into the bank’s compliance with the Money Laundering Regulations 2017, and potential contravention of FCA anti-money laundering rules and Principles for Businesses.  According to Monzo, the investigation is in its early stages and may take time to resolve; it is focused on the bank’s anti-money laundering and financial crime systems and controls for the period between October 2018 and April 2021.  The bank stated that it is co-operating with the FCA, and that the investigation could ultimately have a material negative impact on Monzo’s financial position. 

Annual Report 2021