Why have I been asked to update my details?

Banks like us are required to find out where the money our customers hold comes from, and how they intend to use it, as part of what’s called ‘customer due diligence’. We're not asking you these questions for marketing reasons.

The key regulation we’re referring to here is under sections 3.2.4, 3.2.5 and 3.2.6 of the FCA Handbook, as well as section 28.13 of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. Asking about what you do for a living, your sources of income (like salary, pension or investments) and what that income is (the actual amount of money coming into your account on a regular basis) helps us better understand you and how you’ll use your account. It also helps keep your account safe because it gives us a baseline which we can spot ‘unusual’ activity from.

We ask these questions of all new customers who open Monzo accounts at the moment, so we're also asking existing customers to make sure we have the same information about everybody. We'll keep any information you give us secure, and only use it in line with our Terms & Conditions and Privacy Notice. And if you have any questions, you can always chat with us in the app.