Partner Richard Cannon comments on FCA action against financial services firms, in City AM

Commenting in City AM, Partner Richard Cannon discusses the FCA’s recent regulatory action against banks and fintechs over financial crime and money laundering failings.

Richard’s comments were published in City AM, 17 July 2025.

“Hot off the heels of recent regulatory action against Monzo, today’s announcement shows that the FCA is taking decisive action when it comes to the role of banks in alleged financial crime and money laundering.

“Yet, unlike recent fines against Monzo and other banks, the sanctions faced by Barclays are in relation to the opening of two accounts – one of which received money from an alleged multi-million pound money laundering operation.

“It is important to note that Barclays managed to secure a reduction in this fine due to their co-operation with the FCA’s investigation. Much like recent guidance from the UK’s Serious Fraud Office, the message here is clear: self-reporting and co-operation will be rewarded.

“In the case of Monzo, the bank’s failure to spot suspicious onboarding, including customers using London landmarks as addresses, is emblematic of broader institutional issues. Fintechs chasing rapid expansion without matching investment in AML systems risk falling foul of the FCA, which might affect their very existence. Likewise once accounts are established banks are still under a duty to review especially when given specific notice about risks with that account and/or customer.”