Not upheld: Cifas marker registration / account closure / alleged misuse of facility complaint against Monzo Bank Ltd

Decision detail

Summary

Mr R, a young student recently arrived in the UK, complained that Monzo Bank Ltd wrongly recorded a Cifas marker against his name after he received £2,000 into his account in November 2024 from an acquaintance named K. Mr R claimed he was tricked and pressured into handling the money and did not understand the seriousness of his actions or the impact of a Cifas marker. Monzo closed his account after identifying unusual activity in February 2025 and Mr R failed to adequately explain the transactions when asked. The ombudsman found Mr R's version of events implausible due to lack of supporting evidence, inconsistent explanations about his relationship with K, failure to report the matter to police, and evidence that funds were sent to his own gambling account. The ombudsman upheld Monzo's decision to register the Cifas marker and declined to order its removal.

The Ombudsman's reasoning

The ombudsman found that Monzo had reasonable grounds to believe financial crime had occurred based on the account activity and the report received. Mr R failed to provide credible evidence supporting his claims of being tricked and pressured, including no evidence of discussions with K about the funds, no police report despite the alleged seriousness, and inconsistent explanations about his relationship with K. The ombudsman found Mr R's testimony implausible, particularly his claim that he didn't respond to Monzo's March 2025 inquiry because he was scared when the account had already been closed. The funds were sent to Mr R's own gambling account, contradicting his claim of no personal benefit. The ombudsman concluded Monzo met the requirements to register a Cifas marker for misuse of facility.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website