• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
UK Bank Watchdog Concludes Monzo Anti-Money Laundering Inquiry

UK Bank Watchdog Concludes Monzo Anti-Money Laundering Inquiry

06/04/2024
Hachiko Efficiency Services Nominated for Go Global Awards 2025

Hachiko Efficiency Services Strengthens Environmental and Hazardous Materials Management Across the Pacific

09/06/2025
Mechanic inspecting car engine with digital tablet - Supply Chain News

U.S. Finalizes Trade Deal with Japan, Sets 15% Tariffs on Key Imports

09/05/2025
Container ship at a busy port, undergoing loading and unloading operations. - Supply Chain News

What’s Next for Trump’s Tariff Strategy?

09/05/2025
Industries in India Face Pressure as US Imposes 50% Tariffs

Industries in India Face Pressure as US Imposes 50% Tariffs

09/05/2025
US–Japan Trade Deal Implements 15% Tariff Baseline

US–Japan Trade Deal Implements 15% Tariff Baseline

09/05/2025
US Reduces Tariffs on Japanese Cars to 15%

US Reduces Tariffs on Japanese Cars to 15%

09/05/2025
Sow Property Consult Limited Nominated for Go Global Awards 2025 in London

Sow Property Consult Limited Nominated for Go Global Awards 2025 in London

09/04/2025
Esusu Africa Nominated for Go Global Awards 2025 in London

Esusu Africa Nominated for Go Global Awards 2025 in London

09/04/2025
KRIEGER Worldwide: Delivering Reliable Global Logistics and Supply Chain Solutions

KRIEGER Worldwide: Delivering Reliable Global Logistics and Supply Chain Solutions

09/04/2025
Trump Says India Offered to Remove Tariffs on U.S. Goods

Trump Says India Offered to Remove Tariffs on U.S. Goods

09/03/2025
Modi-Xi Meeting Highlights Tariff Disputes

Modi-Xi Meeting Highlights Tariff Disputes

09/03/2025
Parcel ABC Launches Free Tariff Analysis Tool

Parcel ABC Launches Free Tariff Analysis Tool

09/03/2025
supplychainreport
Sunday, September 7, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

UK Bank Watchdog Concludes Monzo Anti-Money Laundering Inquiry

by Daisy D.
06/04/2024
in Anti-Money Laundering (AML), Compliance

The UK’s financial regulator has reportedly closed its investigation into Monzo’s anti-money laundering measures.

In a disclosure buried within Monzo’s annual report released on Monday (June 3), it was revealed that the Financial Conduct Authority (FCA) notified the company in November that it had ceased evaluating criminal liability regarding Monzo’s compliance with the Money Laundering Regulations 2017.

YOU MAY ALSO LIKE

RightVantage Exim Launches Free Tariff Analysis Tool

Maprima Management BV: Driving Corporate Services Excellence Across the Benelux

The report further stated that the FCA is still pursuing an inquiry into potential breaches of certain anti-money laundering (AML) regulations as a civil matter.

Monzo stated, “We are continuing to collaborate with the FCA in their investigation.”

The report elaborated that the FCA’s enforcement division is actively progressing both its ongoing investigation and the assessment of Monzo’s historical compliance with financial crime regulation, anticipating a resolution to take time.

The investigation was initially disclosed in 2021. An FCA representative declined to provide comment when approached by PYMNTS.

Monzo’s annual report also unveiled the bank’s inaugural profitable year.

CEO TS Anil remarked in a press release accompanying the report, “This past year marked a significant period of growth for Monzo. We surpassed 9 million personal customers, 400,000 business customers, introduced groundbreaking new products, completed a £500 million capital raise, and, as anticipated, reported our first year of profitability.”

The capital raise constituted the largest in Europe during 2023, valuing Monzo at $5.2 billion, according to the company.

In the meantime, PYMNTS recently engaged in discussions with a panel of compliance specialists concerning banks’ utilization of artificial intelligence (AI) to combat fraud and money laundering.

The report stated, “After all, fraudsters themselves are leveraging AI to devise new attack strategies with rapidity and efficacy. Banks find themselves engaged in an arms race with nefarious actors.”

Panelists emphasized that AI has become sufficiently accessible for utilization by virtually anyone, whether for beneficial or malicious purposes.

Miguel Navarro, head of Client Identity Verification and Authentication at KeyBank, noted, “You can purchase a synthetic identity for approximately $15 on the dark web. It’s a concerning landscape out there… and we require AI’s assistance to ensure that we conduct our business operations securely.”

#UKBankWatchdog #MonzoAMLProbe #FinancialRegulation #AntiMoneyLaundering#SupplyChainNews

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.