FCA fines Monzo £21m for failings in financial crime controls

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Wonder if this will result in a freeze of new accounts like Starling?

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I do wonder how people manage to get away with these things considering you have to provide ID etc. :thinking:

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ID I could understand, but surely the card will be posted to Buckingham Palace or wherever? I’m guessing that most people couldn’t just roll up and ask for the card.

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There are loads of posts on Chinese social media of people having it delivered to random addresses and asking people to pick up the card. I think there are a few “known” addresses where it’s a little… easier to collect

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I must try that sometime with the postcode I use when places insist on one and I don’t think they need it. Turns out it’s a pizza shop in London. I sometimes wonder if they’re inundated with junk mail courtesy of me :rofl:

Blocking physical card all together and use the virtual one?

Hmmm. So, assuming that would work (and why wouldn’t it?), stage 2 would be to apply for Flex in the name of Charles Windsor and start spending. I can see why they got fined so much now!

There was a Reddit post few days ago (now deleted), the person had an over draft of £1k, and Flex limit of £3k. They claim tney opened the account while on a visit in the UK. So they were asking if there was anything that would stop them from spending this money.
I had taken a screenshot for some of the comments before it was deleted.

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Quite a few posts on socials about going home and leaving the debt generated in this country behind. Wish there was a better cross-border enforcement mechanism for it; but in reality most countries are very difficult to give out credit to foreigners so it doesn’t benefit them. What we get for being fair I guess.