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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

  • Jawad Rathore and Vincenzo Petrozza convicted and sentenced in Fortress syndicated mortgage investment fraud

    The Royal Canadian Mounted Police

    The Royal Canadian Mounted Police (RCMP) – Federal Policing, Central Region (Ontario) is announcing the conviction and sentence of Jawad Rathore and Vincenzo Petrozza, the “operating minds” of Fortress Real Developments Inc. This was a complex, multi‑year investigation conducted by the RCMP’s Toronto Integrated Market Enforcement Team (IMET).

  • Treasury Issues Request for Information on CFIUS Known Investor Program and Streamlining the Foreign Investment Review Process

    US Department of the Treasury

    WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Request for Information (RFI) seeking public input on the Known Investor Program and how CFIUS may streamline aspects of its foreign investment review process, while maintaining its rigorous analysis that identifies and addresses national security risk that can accompany foreign investment. Enhancements to the CFIUS process are aimed at facilitating greater investment into the United States from allies and partners and are in furtherance of President Trump’s direction in the America First Investment Policy.

  • 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.

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