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NEWS: UK bank Monzo fined £21M for repeated KYC failings; fintech accepted customers giving 10 Downing St and Buckingham Palace as addresses

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FINED: The FCA has fined Monzo £21mn for repeatedly breaching rules against opening accounts for “high-risk customers” after the digital bank took on clients with “obviously implausible information”.

REVIEW: ‘Money Laundering and Crypto-Assets’ is a timely book to understand financial crime

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INSIGHT: Scammers’ abandoned Cambodia compound exposes brutality and banality of fraud

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ANALYSIS: Everything you need to know about AMLA’s Single Programming Document, including the important dates

By AML Intelligence Correspondents BRITISH digital bank Monzo accepted customers claiming to live at 10 Downing Street, Buckingham Palace and even its own premises, a FCA investigation found. The fintech was today fined Stg£21m fine by the Financial Conduct Authority for “repeatedly” opening accounts for “high-risk” customers without proper KYC . Moreover the fintech was…

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REVIEW: ‘Money Laundering and Crypto-Assets’ is a timely book to understand financial crime

 Premium

INSIGHT: Scammers’ abandoned Cambodia compound exposes brutality and banality of fraud

 Premium

ANALYSIS: Everything you need to know about AMLA’s Single Programming Document, including the important dates

Regulatory Watch News

  • Customs finds exceptionally large quantity of counterfeit clothing

    Fiscal Information and Investigation Service - FIOD

    During a regular excise inspection on February 5, Customs discovered an unusually large quantity of counterfeit goods in a warehouse in Montfoort (Utrecht). The case was subsequently transferred to the Fiscal Information and Investigation Service (FIOD), which initiated a criminal investigation under the supervision of the Public Prosecution Service's Office.

    An estimated tens of thousands of counterfeit clothing and accessories from luxury brands such as Hermès, Jacob Cohën, Moncler, Dior, Stone Island, and Casablanca were found in the warehouse. It is suspected that the inventory was destined for multiple outlets.

  • The DFSA fines Ark Capital Management (Dubai) Limited USD 504,000 for market abuse systems and change of control reporting failings

    DFSA

    The Dubai Financial Services Authority (DFSA), the independent banking, financial services, and markets regulator of Dubai International Financial Centre (DIFC) has imposed a fine of USD 504,000 (AED 1,850,940) on Ark Capital Management (Dubai) Limited (ARK) for having inadequate market abuse systems and controls, and for failing to notify the DFSA of a proposed change in control.

  • SFC convenes third Digital Asset Consultative Panel meeting

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) today convened the third meeting of the Digital Asset Consultative Panel (DACP), bringing together SFC-licensed virtual asset trading platforms (VATPs) to discuss forthcoming regulatory developments for digital assets in Hong Kong. At the meeting, participants discussed initiatives aimed at strengthening the digital asset ecosystem, including regulatory measures to enhance liquidity on licensed VATPs and to expand the range of product and service offerings.

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