FSCS Protection Information Sheet Question

I was reading Monzo’s information sheet on FSCS Protection and number 1. of the Exclusions List section confused me.

It seems to be saying your deposit is excluded from FSCS Protection if you haven’t been identified as a money launderer, which doesn’t seem right to me.

Is this the case, is the information sheet wrong or have I misunderstood?

Also, does point 3 mean your earnings aren’t protected if you’re employed by, and are subsequently paid by, a company which can be described by those listed in point 3 (eg: credit institution, financial institution, investment firm etc…)?

NB: the numbers are also cut off when the information sheet is view on an iPhone 6.

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I think you’ve misunderstood what it means.

  1. Means you need to have passed the “money laundering checks” for your to get FSCS protection.

Not what you read - that your money is only protected if you’re a money launderer.

  1. Means if you are depositing money “on the behalf” of one of those organisation, not that you’re employed by them.

Meaning money only is protected, if it’s yours (retail banking consumer). If the money belong to those institution and you’re just depositing on their behalf, it’s not protected.

If you’re employed by them, and you’re depositing your salary, the salary is yours, so it’s protected.

It’s weird Monzo is saying this in T&Cs as it’s not 100% relevant, but it’s probably just a paraphrase of FSCS’s official regulation which they might be required I think :man_shrugging:

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