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Monzo faces FCA scrutiny over financial crime controls

UK watchdog launches investigation into Monzo’s financial crime unit as accounts suggest future uncertainty

Financials throw into doubt whether digital bank can turn a profit
Financials throw into doubt whether digital bank can turn a profit Photo: No Credit

Monzo has warned for the second consecutive year that there is “material uncertainty” over whether it can turn a profit in the future, as the financial regulator investigates potential failures in its anti-money laundering controls.

Monzo raised more than £200m in investment in the latest financial year, as the difficulties of the pandemic and changing regulatory requirements created a need for more capital.

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