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Monzo cautioned to abide by banking rules

Wednesday 27 July 2022 11:23 CET | News

UK’s Competition and Markets Authority has ordered digital bank Monzo to review the way it informs departing customers of their historic financial transactions.

Monzo was found to have breached the Retail Banking Market Investigation Order between May 2021 and March 2022 after the bank failed to send transaction histories to more than 13.000 customers, despite reporting a similar breach the year before.

It now has to make sure that every customer receives copies of their transaction history when they close their account, which acts as important evidence if they choose to apply for a loan or mortgage elsewhere.


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Keywords: regulation, transaction monitoring, credit scoring, financial data
Categories: Fraud & Financial Crime
Companies: Competition and Markets Authority, Monzo
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

Competition and Markets Authority

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Monzo

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