I think Its quite clear on the JMLSG (Joint Money Laundering Steering Group) website the financial institution can have little further contact with the “customer” once the institution suspects any suspicious activity- which could involve a “dodgy” payment of as little as €1000 . If the financial institution doesn’t follow this advice from JMLSG most Courts can conclude that the bank is in breach of guidelines on Money laundering and Proceeds of Crime Act - which would presumably not only risk fines but could also risk their banking licence
Could you confirm whether based on the review and your internal systems ifyou believe at least some are fake?
Or what portion / number may be fake?
I wonder if this gets removed and what it said
he is quite active on Twitter as well
So he is, he just opened that account the the other day to abuse Monzo lol
How did you find his account? I’ve tried all sorts of searches. Obviously got a lot to learn about searching Twitter.
I find it interesting that Trustpilot demand Monzo provide proof that a review is false, yet Trustpilot don’t appear to ask the poster to provide any proof before they can submit their review?
It is because their business model is allowing any old lies and then have business pay through the nose to have them removed.
Some of my friends don’t want to open Monzo account because of TrustPilot reviews.
Just checked other banks reviews… reviews not TrustPilot rating…Barclays, NatWest, Lloyds, Starling etc…only few complains about accounts closures.
Is it true that Monzo freezes accounts without any notice? Thanks!
Yes as does every other U.K. bank if they suspect or have reported something potentially dodgy is happening. They legally have to
So why Barclays doesn’t have so many negative reviews about accounts closures?
Because the majority of their customers aren’t social media aware younger people who are more likely to be recruited as money mules, who then possibly coordinate comments like these to try and force Monzo to release frozen funds to protect their reputation
Thanks for reply! Monzo have to run more checks before opening account… Negative reviews are not good for Monzo reputation
Trustpilot is bullshit, the facebook page is just as bad.
Monzo’s copy pasta responses are a joke.
Also these money mules & launderers that are getting banned were probably banned by Barclays, Lloyds, RBS and every other high street bank years ago.
They aren’t on Monzo’s blacklist yet because Monzo are so new, so they give it a shot over here, get their account closed and then try whatever they can to get their illicit money back.
Agree. But a lot of people check reviews there…
You have a monzo account you can tell them the facts, why would your friends be scared to open an account unless they were going to do something dodgy?
AFAIK a normal user would not have their account closed for no reason
Any of them had their accounts frozen?
Monzo responses on trustpilot have to be vague. Banks are heavily regulated and cannot go disclosing to the general public any issues with an individual’s account.
As long as you use the account as per Monzo’s terms and conditions and the money into the account is clearly coming from legitimate sources - You have nothing to be worried or concerned about!
Banks do not freeze accounts just for the sake of it and they don’t do it without good reason. None of those individuals will say on trustpilot what they were getting up to, but they’re using rules and regulations that banks have to abide by as a stick to beat Monzo with and that’s not right at all.