Tag: Tom Blomfield

FCA Drops Criminal Investigation into Monzo Over Money Laundering Failings

Compliance Charlene Lensburg - June 4, 2024

The UK regulator FCA concludes a two-year probe as Monzo posts its first annual profit. The FCA has dropped its criminal investigation into Monzo regarding potential anti-money laundering (AML) rule breaches but continues to investigate the matter as a civil case. This could still lead to fines. This decision of the regulator comes after a two-year inquiry that initially raised the possibility of criminal prosecutions against the app-only bank.

Seriously? UK FinTech Unicorn Monzo on the course to collapse!

Fintech Mark Lagarde - January 22, 2021

Some FinTech could face collapse, analysts argue. According to GlobalData analyst Katherine Long, UK FinTech unicorn Monzo could be the second major collapse in the FinTech universe after the collapse of Australia's Xinja. Monzo is becoming an “increasingly expensive charitable cause for the UK market” and could be the first big UK challenger bank to collapse unless it changes its approach towards a more sustainable future.

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