Monzo's £21m address failure

BANK FINED OVER 'HIGH RISK' CUSTOMERS

- Edited by GRAHAM HISCOTT

ONLINE bank Monzo has been fined £21million for signing up customers who gave "obviously implausible" addresses including Buckingham Palace and 10 Downing Street.

City watchdog the Financial Conduct Authority penalised the fast growing provider for repeatedly breaching rules against opening accounts for "high risk customers." And it was punished for failures concerning anti-financial crime measures.