In early July 2025, neobank giant Monzo was handed a £21 million fine by the FCA for onboarding thousands of customers deemed ‘high risk’. This followed a €3.5 million fine issued to Revolut earlier in the year for failing to address money laundering on its platform, and a £29 million fine levied against Starling Bank in October 2024 for deficiencies in its financial crime controls.