Suzanne Lynch

We’ve fined Monzo Bank Ltd £21,091,300 for its inadequate anti-financial crime systems and controls between October 2018 and August 2020. Monzo also repeatedly breached a requirement preventing it from opening accounts for high-risk customers between August 2020 and June 2022. Banks are a vital line of defence in the collective fight against financial crime. We’ll continue to supervise firms to improve standards and ensure they have the right systems and controls to manage financial crime risks. https://lnkd.in/e--xCDzG #FightingFinancialCrime #FinancialServices #FinancialRegulation

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The £21M Monzo fine is a wake-up call for financial services. It's not about stifling innovation, but understanding that robust compliance and smart engineering are essential for growth and trust. In this article, our Managing Director of UK & Ireland and Head of European Financial Services Practice Rav Hayer breaks down the key lessons for a more resilient financial future: https://ter.li/idqs24

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Challenger bank expands after £5 billion boost “We’ve built a resilient, diversified balance sheet that sets us up for sustainable profitability – and we’re still building momentum.” Chetwood Bank has unveiled expansion plans after breaking a £5 billion balance sheet benchmark. The digital lender is opening a Manchester office which will build on existing bases in London, Wrexham and Fleet, leaving it primed to continue its momentum across the UK banking sector. Read more here: https://lnkd.in/eZpHStrf Paul Noble

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The Serious Fraud Office has today charged six people with multiple fraud offences following an investigation into the transfer of £75 million in pension funds. Between 2011 and 2014, over 1,900 investors transferred their pensions into self-invested personal pensions to invest in a ‘store-pod’ product from UK storage company Store First.  Investors were promised a long-term leasehold on a pod and a return on their investment through renting the pod out. It is alleged that various misrepresentations were made in the marketing of the product to persuade individuals to invest.  Read more on our website: https://lnkd.in/eGK5fKax

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Trust Retail, part of the Trust Payments Group, has announced implementation of Pennies micro-donation technology at John Bell & Croyden, a London pharmacy dating back to 1798 and a Royal Warrant holder since 1958 #payments Mike Dotson robin winfield Alison Hutchinson CBE Rebecca Malia Full story here 👉 https://lnkd.in/ekBSd3aS

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🎺 We've agreed an ENABLE Guarantee with finance provider 4Syte, supporting a facility of up to £100m. The transaction will unlock additional capacity, increasing 4Syte’s invoice finance and asset-based lending to smaller UK businesses. The funding is being provided by NatWest while the Bank is guaranteeing a portion of the funding and will help to support a doubling of the existing funding facility. “Working with a new delivery partner in 4Syte and alongside an established funder like NatWest, demonstrates our commitment to increasing the diversity of providers in the wider lender market, supporting them at whatever stage of their journey they are on," says Michael Strevens, Our MD, Structured Financial Institution Solutions.

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Neo Banks Need Enterprise-Grade Compliance Now More Than Ever The recent £21 million FCA fine levied against Monzo underscores a growing concern across the digital banking sector: rapid growth without robust compliance is a dangerous combination. Monzo allowed customers to open accounts using addresses like 10 Downing Street and Buckingham Palace—clear signs of systemic gaps in onboarding and monitoring. And they’re not alone. Other fintechs, like Starling, have faced similar penalties due to inadequate financial crime controls. As neo banks and fintech challengers continue to scale, they must move beyond legacy or improvised compliance tools. The financial crime landscape is evolving—so too must the solutions. This is where Pelican comes in. Global institutions, including one of the largest tier one banks in Europe, already trust Pelican’s AI-powered compliance and payments platform. Its enterprise-grade solutions offer: ▪️ Real-time sanctions screening with dramatically lower false positives ▪️ Intelligent onboarding and address verification using Natural Language Processing ▪️ Modular architecture that integrates seamlessly with existing systems ▪️ Automated transaction monitoring to detect anomalies and high-risk behaviours For neo banks and fintechs looking to grow responsibly, Pelican delivers the control, scalability, and auditability regulators demand—without slowing down innovation. Compliance isn’t just a checkbox. It’s a foundation. Get it right from the start. www.pelican.ai

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