As with all other posts here, please keep things civil and polite.
Threats will not be tolerated, no matter how they’re written.
Thanks.
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Hi Richard, did you have time to reply to me? Thanks
Much as I think this topic has had a fair run given the lack of professional seers on the forum, can we try and get back to it please? It’s getting just a bit ridiculous at the moment.
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Probably most people have seen this, but the article is over 1 year old so some of you may’ve not seen it, really interesting:
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I work in AML. The rules around tipping off are clear but they very nature of blocking can be interpreted as tipping off in itself. Blocking should be seen a precautionary measure to ensure that the proceeds of crime are not moving through accounts held with monzo, the timescales that are currently being worked towards are wholly unacceptable and Treating Customers Fairly needs to also be considered. Monzo clearly is not resources correctly to satisfy its AML obligations and the impact of that is not just that of a reputation one but a regulatory one also. I fear that if this is not addressed with haste then monzo leaves itself open to regulatory breaches similar to those seen with Revolut for example. I am sure that the FCA will be working closely with monzo to ensure that it’s governance around AML is tight whilst also ensuring that the client impact is appropriate.
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Ok how about those who provide monzo with all the details, but monzo still not getting back to them 6 weeks on and counting.
From your statement you seem to think that everyone monzo questions/ freeze /close is straight up quilty and criminal .
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Never said such a thing so don’t know what you’re taking about 
I have complied and gave them all the details they asked for, and waited their own timeframe.
And now when the delay is on their side (6 weeks now), I’m not entitled to be upset/angry and offended?
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Yep, that’s what I said
You’re taking it out of context without reading the comments before hand.
I was referring to the people in this topic who have come here claiming to be innocent then when people have asked simple questions like:
“What do you think caused this”
“Do you use it as a business account”
“Do you do edge betting”
Or anything to try and understand what causes a flag, they either get aggressive or just totally avoid the question entirely.
I’m happy to be proven wrong but nobody has done this yet for some reason
Edit: Oh, there was one guy who kindly showed us his transaction history. It was all PayPal transactions in and then immediately transferred out. He used his account for nothing else other than a middleman after selling vouchers and such on eBay. His account was frozen a few times before but he continued and then it was permanently closed.
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The hardest thing to open is a closed mind - Ahmed Kathrada
I believe the Proceeds of Crime act makes provision for this though, does it not?
I’d argue that 327, 328, and 329 make it clear that a bank cannot NOT freeze the account, if it means that fraudulent money is likely to be moved out of the institution.
http://www.legislation.gov.uk/ukpga/2002/29/section/327
If the bank notices a suspicious transaction, and whilst waiting for permission to proceed, the money is moved or worse, withdrawn entirely, then the bank absolutely hasn’t done its part to prevent fraud taking place.
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HSBC do a pretty good job at pausing transactions whilst they’re fraud checked. No reason they couldn’t be doing that.
Interesting.
Do you think the public outcry of that would be any different? I can still imagine that there’s likely to be stories of not being able to pay rent / for food / for children, because “my only source of income has been blocked”. Do you think that would be the case?
How would you propose handling future transactions/how do HSBC do that? I. E. If one transaction is suspect, are you to assume future deposits are too?
Additionally, what do you do where you’ve suspected fraud on one transaction, but earlier transactions haven’t flagged (but in hindsight were likely suspect). If the money hasn’t left, do you freeze that too?
What does freezing individual transactions gain, over just freezing the whole account?
Edit: how do you know HSBC handle it this way, when they’re making a report to the NCA? I can’t find anything beyond news reports and trustpilot reviews of people complaining their accounts were frozen outright.
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Monzo staff have the M over their avatar and their name is usually in red.
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I dont, that is fairly easy to work out it’s even in my bio what i do for a living.
No smoke without fire as I always say. So again either half these forum accounts are fake or people are doing something dodgy or dealing with dodgy people.
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So you don’t think it’s possible that innocent people have been caught by Monzo’s anti-fraud processes? Even though Monzo have acknowledged that they have? 
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I think you means the proceeds of crime act 2002?
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