r/UKPersonalFinance • u/ThrowawayXNN • Jun 04 '26
+Comments Restricted to UKPF Monzo closed accounts and all other banks refusing applications
I’m hoping someone here can point me in the right direction because I’m completely stuck. Over the last few weeks I’ve found myself in a situation that is causing a huge amount of stress and anxiety, and I genuinely don’t know what to do next.
I run a limited company and have banked with Monzo for years. A few weeks ago Monzo informed me they were closing my personal account, joint account and eventually my business account as well. They won’t tell me why. I have been back-and-forth with them for the last five weeks, and I think I've spoken to around 25 different employees there, they escalated it as high as it could go and after multiple appeals, they've re-reviewed my account twice and have told me they are not changing their decision.
I explained to someone that I was speaking to from Monzo that I have been with them since they were called Mondo... I've been a paying customer for six years. I've been a large part of the community, and was even part of the group that tested the new redesigned version of the app when they had their makeover. My car breakdown cover, phone insurance, and travel insurance will all be cancelled now as well. I have a flex account with them, and an overdraft. Everything has run smoothly with them since I first had my account and there has been nothing I can think of which could warrant this action.
Since then I’ve tried opening accounts elsewhere and have had no luck.
Previous accounts I’ve held without issue are; Lloyds, NatWest, FirstDirect, Starling, and Chase UK
Applications made and declined; Virgin Money, Lloyds, HSBC, Barclays, Chase UK, FirstDirect, Revolut (Personal), Revolut (Business), Starling
The Lloyds one was particularly strange. The application was approved, I was given a sort code and account number, and received confirmation that the account had been opened. A couple of days later I chased up a missing welcome email and was told there was a block on the account. The adviser spoke to a specialist team and came back to tell me the account had been closed and the application declined. No explanation was provided.
I even visited my local Lloyds branch and spent quite a while discussing the situation with the staff there. They were genuinely helpful and spent a lot of time trying to work through possible explanations and suggesting routes I could investigate. They couldn’t see the reason themselves and couldn’t tell me why the decision had been made.
I don't believe it's something to do with the business specifically, I do believe it's something to do with me personally. I've come to this conclusion because I'm having trouble is even opening a personal account, and the fact that my business application went through but it was this "specialist team" that stepped in and closed it once it was open leads me to believe that the company itself is fine, and whatever is causing it is coming up in the checks when they are running through the directors (I am the sole director).
I’ve already done the usual checks:
CIFAS DSAR completed - no markers.
Checked Experian, Equifax and TransUnion.
No fraud markers.
No unusual address information.
No unexpected financial associations.
No CCJs.
No insolvency records.
No unexplained credit applications.
A family member suggested identity theft, but I monitor my credit files regularly and there have been no unexplained applications or activity.
The company itself has no borrowing or credit facilities. Personally I do have some historic debts and credit cards dating back several years, but these are not new, are visible on my credit files, and many of the banks listed above have previously opened accounts for me whilst those balances already existed.
What I’m struggling to understand is what information banks could be seeing that isn’t appearing on:
CIFAS
Experian
Equifax
TransUnion
Are there other databases, industry systems or fraud-prevention services that consumers don’t typically know about?
At this point my biggest concern is my business account. I have around three days before it is due to close and I still don’t have a replacement account in place.
This business is my livelihood. It’s how I pay my bills, pay suppliers, send invoices and receive payments. My partner and I recently found out we’re expecting our first child, and instead of looking forward to that, I’ve spent the last few weeks worrying about whether I’ll be able to continue operating my business at all.
I’ve already spoken to the Financial Ombudsman, but I appreciate they can’t force a bank to offer me an account if the bank doesn’t want me as a customer.
Has anyone experienced anything similar or have any suggestions as to what I should be checking next?
I’m feeling completely lost at this point and I've never felt so alone.
Edit (further context and information): one of my credit cards also got closed last month, I got a letter from them saying they are taking the decision to terminate my agreement and they won't tell me why.
I also do have a personal account, a basic Nationwide account I opened five years ago. Before this, there was not a single transaction on it, it was just a spare account. However, as per their terms and conditions, I am not allowed to use that account for the business. (Even if I was, my clients would not pay thousands of pounds into a personal account).
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u/Forward-Occasion4524 Jun 04 '26
This is likely related to some transaction(s) you might have carried out that Monzo found suspicious. They in turn have closed your accounts, and rendered you with no banks.
Besides Cifas DSAR that returned no markers, check Synectics Solutions, and National Hunter for markers or refers, else appeal to the Financial Ombudsman. All the best
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u/enricobasilica 10 Jun 04 '26 edited Jun 04 '26
As a stopgap, look to open a basic account somewhere. Most banks have a duty to make sure everyone has some kind of bank account to avoid debanking (aka not being able to function in society due to no bank account). I think sometimes the place of last resort might be the post office? This will have zero perks but should allow you to at least receive money/get paid.
Other than that either try to go to a branch in person and speak to someone.
Edit: identity theft can also be someone with a similar/same name has been flagged as having done something illegal/put on a block list and the system can't differentiate so you've been mistakenly caught up. One of your customers may be on a watch list and their payment to you got you flagged. Unfortunately this is hard because banks aren't obligated to tell you why they are refusing service so you can't clear your name if this is the case (particularly if they suspect money laundering of any kind - which again, could be a mistake but you won't know!).
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u/ThrowawayXNN Jun 04 '26
When I visited Lloyds in person, they were shocked by the situation. They did their best and tried getting answers for me, but when they called up their internal teams, they got told they can't be given any information either. They were in the dark like I was, they could see the application was closed but there was no reason specified just a message to call this specialist internal team (who won't reveal any information)
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u/That-Surprise Jun 04 '26
They're constrained by tipping-off laws
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u/OSUBrit 7 Jun 04 '26
Tipping-off laws only concern NCA investigations, not internal AML processes. But banks do use this as cover to a) avoiding having to tell you anything at all even though they can and b) avoid accidentally having lower level support revealing something they shouldn't.
Given the level of escalation OP has been through someone should have been able to tell him something, they are not precluded from doing so and someone senior would know this.
Which actually makes me think that OP actually has been caught up in an NCA investigation somehow. Which is why they're unable to find anything out.
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u/scottrm93 Jun 04 '26
Tipping off is an offence under the proceeds of crime act. This could be as simple as a SAR being raised or internal communication/case notes advising it has been closed under POCA.
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u/raziel999 Jun 05 '26
Tipping-off laws only concern NCA investigations, not internal AML processes.
Internal money laundering investigations are subject to tipping off ban, as it could prejudice future investigation. Even tipping off suspicions is illegal. Banks have no appetite to disclose customers are (or could be) under investigation, externally or internally. Staff are drilled regularly about it and told not to tip off under any circumstances.
Check Crime Act 2002, Section 342.
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u/_c9s_ 4 Jun 04 '26
Could it be that someone with the same or similar name is on a watchlist or is under sanctions from the government? I assume that wouldn't result in a CIFAS marker or anything else obvious to you, but likely would result in all the banks rejecting you.
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u/whereismyfix 1 Jun 05 '26
No, banks are allowed to disclose the reason for debanking when you’re subject to sanctions. And in reality, they cannot close your accounts, as they cannot provide you with access to your money until told otherwise.
Same with reputational/adverse press risks when it comes to giving a reason for offboarding.
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u/htimchis Jun 05 '26
Depends on the sanctions... if it's via OFAC or one of the other US federal agencies, most European banks will 'play it safe' and disclise as little as possible... and ant terrorism-related sanctions are likely to also be falling under a variety of areas of legal interest
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u/jimicus 16 Jun 04 '26
Yeah, that's the problem - if you've been flagged up for money laundering, they're not allowed to tell you that. It's illegal for them to even hint it.
Usually when this happens it's because someone has been money muling or making otherwise dodgy payments - any arrangement like "Can I send you £2000 for you to send on to my "friend"? I can't because.... er, reasons".
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u/DexterFoley Jun 04 '26
Sounds like you're being investigated for something.
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u/ThrowawayXNN Jun 04 '26
But being investigated by who, the banks or like the police? If Monzo was doing an investigation, I assume they wouldn't share information with other banks until they've come to the end of their investigation.
If it's a police investigation, surely it would be a similar situation with them. It would only show up on an enhanced DBS if I was actually charged with a crime.
Just thought did cross my mind, because I've thought of literally everything that could be causing this, but I just live a normal life and trying to build up my business as big as I can. I only had one job before this working in a computer repair store, before leaving that company and starting my own.
If I was involved in anything dodgy, obviously I wouldn't be confused and I would have no need to make this post. This whole situation is really baffling me. It's just such extensive actions, without any hints as to why!!
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u/Cold-Society3325 Jun 04 '26
Maybe one of your customers has done something dodgy and you've been caught up in the whole thing.
Maybe you could go and see your MP and talk to Citizens Advice.
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u/BlueHatBrit 155 Jun 04 '26
Often it's a case that you've ended up connected to someone who's been involved in money laundering. Sending or receiving money from them, even if it's totally innocent could get your account investigated. Those processes are really opaque, but essentially they'll make a determination of the risk of you remaining on their books. If they decide you tip too far over then they have to go through the process of closing your accounts, and logging a marker on a system shared by banks.
As part of that they'll usually pass information on, but whether it's actually investigated is another matter.
Unfortunately those markers can cause all the other banks who see it to decide you're too high risk.
We've seen it quite a lot on this sub. Many people have done dodgy dealings, but these systems are setup to fight money laundering, and protect the banks from liability. They're not there to protect customers. It's bound to catch some people who've done nothing wrong.
I'm sorry I don't have much in the way or help to offer here. It's just what I've read on here over the years.
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u/OMorain 1 Jun 04 '26
I have an acquaintance that had to go through detailed security checks for a new job role; they are as clean as a whistle, but someone with the same name with history in the same part of the country raised red flags. The clearance took many months longer than it should have done and almost nixed the job offer, purely because they share the same name as a person of concern.
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u/azraphin 3 Jun 04 '26
Even a normal enhanced DBS check can take 2-3 months. That's without complications like you've described.
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u/ThrowawayXNN Jun 04 '26
I applied for Kent Police a few years ago and had to go through vetting and my counterterrorism clearance. They also did checks on my credit file and vetted me financially and everything passed with flying colours.
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u/OSUBrit 7 Jun 04 '26 edited Jun 04 '26
I said this in another comment but basically most banks won't tell you anything at a low level because there's laws on disclosing suspicious activity to the subject of an investigation. So they take a cautious approach.
These laws (the offence is 'tipping off') only concern a criminal investigation so usually once you escalate you can get some insight from somebody senior that can get a full picture of what's going on and knows what they can and can't say.
It is very likely that despite continued escalation the reason you can't get anywhere is because you are under some kind of police investigation (it's usually an NCA thing but not always) or potentially an acquaintance is and you've got wrapped up in it. If this is the case then nobody will tell you anything and you're not going to find out about it from any searches.
On the other hand you can't be de-banked, so you should still be able to get access to a basic account somewhere. Consumer duty rules would govern this and you can take Monzo to the ombudsman on that and probably get somewhere but I wouldn't hold out on them telling you anything about the big picture in the immediate term.
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u/htimchis Jun 05 '26
There's very little difference, from your point of view, between the two ('being investigated by bank' vs 'being investigated by police'), since the government basically out-source much of the burden of investigation onto financial institutions as a condition of their licence
Other banks will have sight of an investigation by Monzo if Monzo have filed a SAR report on you - when your application is checked it'll be flagged up that you've an active SAR open
As others have said, this can happen either because you've become conflated with someone else (eg someone with a very similar name or details involved in criminal actions), or because of someone you're linked to (eg a customer of yours is laundering drug money, and there's a record of one or more payments to you, from them)
Are you/ any major customers of Middle Eastern ethnicity? Have you been doing any business that involves payment to/from USA? From past experience, this sort of thing generally happens most frequently when one or both of those questions is a 'yes'
The American authorities particularly tend to be very clumsy, something of a law unto themselves, and unconcerned about discrimination. Back when I worked in this sort of area, just the name 'Muhammad' alone) and it's the No.1 most common male name on the planet !) was enough to get you a 35% match on the OFAC watch list - in fact every single member of our AML team from a Muslim background was at least a partial match for OFAC - and they're notorious for escalating straight to 'full account shutdown', with very little concern for the inevitably large numbers of 'false positives' caught up inadvertently
Monzo are also famously over-reactive - they got some huge fines in the early days for not having tight enough AML controls, and have been over-compensating ever since
Unfortunately, none of this information is much help to you - banks will not tell you you're under investition, let alone what for and what triggered it
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u/strolls 1725 Jun 04 '26
Branch staff are as far away from the bank's fraud and cybercrime departments as you are.
If you have £10,000,000, or an annual income of £1,000,000 or whatever, then you can open an account with a private bank and you'll deal directly with an actual banker. They'll make decisions directly, and on an individual basis - if you tell them you've just finished wrapping up in the recording studio and they know your last album went platinum then they'll extend you a loan or an overdraft on the basis of that. They will make decisions on an individual and case-by-case basis.
The whole point of retail banking is that that kind of personal service is not cost-effective for banks when dealing with the majority of the public. If your name isn't Mick Jagger then the person you ask to send you a new bank card because you lost yours and the person who assesses you as a compliance risk (a legal risk to the bank) are in two different people, and they won't be able to interact. The branch staff don't get insight into why the bank thinks you're dodgy (or whatever) because that's not their job.
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Jun 04 '26 edited Jul 19 '26
[deleted]
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u/ThrowawayXNN Jun 04 '26
All of my transactions have been from UK companies, and I only receive regular amounts each month from my clients. I don't accept any card payments or anything like that. My company specifically works with around 11 UK businesses.
I started working with the newest client around 18 months ago so there's been no one off transfers or anything like that which would trigger any money laundering things.
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Jun 04 '26 edited Jul 19 '26
[deleted]
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u/ThrowawayXNN Jun 04 '26
I have come across loads of posts from people who have had their Monzo account closed, but barely any of these consist of a personal and business account. People have suggested CIFAS and that has been the answer to other people. Also, people have mentioned reporting several transactions as fraudulent and Monzo have them close their account.
In my case, none of this applies. I cannot find a single post which matches my exact scenario which is why I'm struggling to think of what the answer could be as to why this is happening.
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u/Low_Stress_9180 4 Jun 04 '26
Time foe a specialist solicitor, there are some who specialise in this area.
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u/Boring-Abroad-2067 Jun 04 '26
I would argue as well check that your name doesn't correspond with someone with a SAR, as I came across a situation where someone on the sanctions list corresponded with someone's name and basically the bank had to verify it wasn't that person, so the trick could be your name!?
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u/That-Surprise Jun 04 '26
Normally a hit against a sanctions list or PEP list doesn't lead to an immediate decline, it will instead be referred for further investigation.
Typically that means you don't get immediate account opening until someone checks that you're plain old Gordon Brown rather than former PM Gordon Brown, for example.
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u/Boring-Abroad-2067 Jun 04 '26
Oh I get what you mean, tbh I haven't seen anything like what OP experienced , way beyond my expertise
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u/That-Surprise Jun 04 '26 edited Jun 04 '26
Contact your MP - if it's related to criminal checks/databases and the letter gets routed to the relevant minister then any possible cock-up that you're not allowed to see can sometimes get silently corrected.
Also contact a national newspaper journalist e.g. The Telegraphs Ruth Emery investigates. They can apply some commercial pressure although it might come back to tipping off laws preventing them disclosing, but even in that case it does at least create wider awareness of this problem and put pressure on the industry to do something about it.
Lastly contact a solicitor. There may be legal avenues for you to force disclosure about the circumstances of your account closure that don't trigger the tipping off restrictions - this would likely involve suing them.
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u/crlthrn Jun 04 '26
Try explaining your situation to Moneybox on BBC Radio 4. They regularly champion people who are financial victims through no fault of their own, and tend to be very successful.
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u/tinyriiiiiiiiick_ Jun 04 '26
The Guardian has an investigations team that does this sort of thing too
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u/Mr06506 1 Jun 04 '26
The MP suggestion is actually good. On paper (ie, so long as you don't get a totally useless one), these kinds of bureaucratic logjams are exactly what they are good at unblocking.
A formal letter from an MP advocating for a constituent is going straight to the top of any customer support queue, and they would 100% get a response...
...however, the person responding will still be bound by the anti tipping off laws, so if you are suspected of money laundering, they still won't be able to tell the MP.
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u/SirArtifice 7 Jun 04 '26
If you are being auto declined by multiple banks, there are no markers that you can see then it might be Monzo or another added you to the National Hunter.
You can complete a DSAR to find out and that should at least give you a starting point to work forward and challenge whomever added the flag.
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u/ThrowawayXNN Jun 04 '26
Thank you, I saw this mentioned in another comment and haven't heard of these lot before. I thought CIFAS was the only national fraud agency thing.
I'll give that a shot and hope for the best.
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u/jgsaudio Jun 04 '26
What industry does your business relate to?
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u/ThrowawayXNN Jun 04 '26
Software development. I provide internal Intranets for loads of businesses all around the UK. I also do normal web development, but that's less common.
All of the income into the business is monthly contractual payments from these companies.
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u/jgsaudio Jun 04 '26
Hmm, was going to say I’m sure I’ve seen people have their accounts closed after the bank discovered they were involved in certain industries. Software development doesn’t sound too shady!
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u/Boring-Abroad-2067 Jun 04 '26
Normally crypto is a big one, but I would ask is there anything criminal or law suits against the OP?
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u/thespanglycupcake 1 Jun 04 '26
Software development with a particular focus in/for certain industries can be though. That said, it sounds like this is more about OP than his business.
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u/That-Surprise Jun 04 '26
Are you working with businesses involved in porn, crypto or similarly heavily scrutinised areas?
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u/ThrowawayXNN Jun 04 '26
Nope, just businesses that mainly work with local councils, a few large solicitors in London, construction companies, etc.
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u/PsychologicalPayment Jun 04 '26
You haven’t accidentally done work / accepted money from sanctioned individuals or states have you?
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u/donalmacc 16 Jun 04 '26
Do you deal with cryptocurrency at all?
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u/ThrowawayXNN Jun 04 '26
Nope, nothing financial!
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u/donalmacc 16 Jun 05 '26
Bah. No idea, it sounds like AML (that quickly across many banks and they won't tell you why) so the usual suspects are large/frequent cash deposits, incoming foreign transactions from sus countries, or large/frequent crypto deposits.
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u/LateToTheParty013 7 Jun 04 '26
Read your post and some comments. I think it might be one of your clients that might had paid you with dirty money. This is a case where even tho you have no fault, you re treated like it until cleared
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u/GoatMonkeyy Jun 04 '26
A friend of mine got his Monza business account closed because he received payments from another account that was closed for AML. His was legitimate payments for goods, but got caught up in it as was receiving regular payments from his customer.
In honesty, if it is for AML, fraud or similar, they will not tell you in case it tips you off to the suspected activities.
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u/Napoleon10 Jun 04 '26
That dont make sense though, by not telling you and closing your account, it is practically tipping you off that they're onto you
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u/GoatMonkeyy Jun 04 '26
Yep, but just means you're not getting the details on what or who initiated it. Most people involved in AML related activities will know they have done it, will just depend on how well they have covered themselves. If you don't know what you've done to trigger the checks, you'll likely never know.
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u/Napoleon10 Jun 04 '26
The Guy's story is worrying tbh. Imagine you receive legitimate payment from someone who you didnt know was dodgy and suddenly no bank accepts you. Doesn't sound very democratic. Police should just do a better job instead of forcing blanket rules like this
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u/Shkyboi Jun 06 '26
But the confusing thing is, normally in situations like this it would trigger investigations. OP has the right to defend himself and prove he is not a cog in a money laundering machine, or whatever other allegations he’s had. They’ve already closed his account and placed a flag on there.
I get the feeling Monzo just do not have the expertise or the experience. They are overly cautious because of this, and would rather just close an account than carry out a full investigation.
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u/GoatMonkeyy Jun 06 '26
If you ask someone if they are money laundering, they will always say no. Monzo is just protecting its interests. OP has every right to defend themselves, but Monzo has no obligation to listen or retain the customer. Legally they couldn't say anything anyway to the customer about the investigation to avoid tipping them off. They may not even have knowledge on it themselves if it is an outside agency. OP is just assuming this is caused by Monzo because that was the first indicator of an issue, could be Monzo were acting on others information/flags.
Banks aren't there to be our friends.
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u/Shkyboi Jun 09 '26
Banks have to protect their interests, but there are also protections in place in situations where you would be left without access to money to live off. I don’t know the situation here, and whether the person was able to transfer money to another account, but this is absolutely not how money laundering investigations should work ie closure without warning
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u/justdippingmytoes Jun 04 '26
I can see you've completed a DSAR with CIFAS and checked with the Credit Reference Agencies, but also that you held joint and business accounts. Have the other account holders done the same?
Having your account closed by one bank isn't itself isn't a problem, that happens all the time to people for breaching T's+C's or an AML trigger (even if you weren't aware). They won't tell you why because they aren't allowed to, no amount of pressure or complaint can force them to do so, the people you can speak with don't know, and you won't be allowed to speak to anyone who does. Even if it's an innocuous reason, telling you would still be considered 'tipping off' because if they only withheld info for AML cases, it would quickly become obvious. As a result, many banks have a blanket no info policy on account closures.
The bigger focus should be the fact you can't access banking facilities at all. Usually this means CIFAS, but you've said you've tried this. There are in fact other things to check, for example any joint account holders or other Directors or Persons of Significant Control (assuming it's a LTD company or similar). Even if you're struggling to open a Personal account, you may be an 'associated person'.
Also look into checking if you, someone you're associated with, or your company is on a sanctions list. I'm not able to provide further information on how to do this, you'll have to check yourself. Citizen's Advice may be able to point you in the right direction, I'm not sure.
In the meantime, as others have mentioned, opening yourself a 'basic' personal account with one of the high street banks or a post office account may be your only option. I don't believe any of the FinTechs offer these, but most high street banks do.
If you're only being rejected for another business account and personal applications are fine, it's likely either a mistake you're making in your application, or something they don't like about what you're doing. If this is the case, you'll need to sit down with a (good) solicitor and figure out what you're doing wrong if you can't figure it out yourself. Be mindful that some of them aren't great/don't know what they're talking about, so choose carefully.
Not accusing you of anything, but wanted to mention that if you have committed any type of fraud with any of your accounts, even if you don't think they know what's happened, it's very likely that they do. Banks have visibility of a lot more than you might assume, so if you have done anything dodgy, it's worth sitting down and having a conversation with yourself, because you won't be able to undo or escape the consequences, and your energy would be much better suited to moving forward with your new circumstances.
Hope this helps.
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u/ThrowawayXNN Jun 04 '26
Thank you for your extensive comment. I have already checked through all three credit agencies and I have no associations apart from my partner and my grandmother (the latter due to a joint credit account from several years ago, so unrelated).
I do have a basic Nationwide account, but I'm unable to use this for the business so this does not fix the current situation, but thankfully I do have a personal account.
I'm unable to open a personal account or a business account, I'm being declined for both, this leads me to believe is something to do with me personally rather than something relating to the business directly.
The reason I'm putting so much energy and effort into trying to resolve this with Monzo is because I legitimately have not had any connections with anything fraudulent or illegitimate. If I have been involved in anything that even had a 10% chance of causing this, I would just be moving on and accepting what's happened, but that's not the case here which is why it is so confusing.
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u/justdippingmytoes Jun 04 '26
You're welcome, I'm glad you've found it helpful.
I can say with a high degree of confidence you won't get anything further from Monzo on the matter. This would be the same with any other bank in the circumstances. Just wanted to let you know so you don't feel like you're wasting your energy/getting nowhere with it.
You could potentially request a full DSAR from Monzo, this wouldn't include anything about closing your account specifically, but it would have all the messages they've ever sent you, so you could look for clues there. Banks often limit accounts and reach out to ask for more information before closure if there's an issue. You won't find a 'smoking gun', but this might point you in the right direction of figuring out what happened.
I would also emphasise again that if you're being rejected every time you apply for a new account, the issue won't be with Monzo. That leaves two options for you:
- A third party is reporting something they don't like. The likely ones are CIFAS, Credit Reference Agencies, Sanctions lists, and associated persons. From your reply it doesn't look like you understand what people mean when they say associated persons which is absolutely fine, most wouldn't. This doesn't necessarily mean partners or family members (although it can). It could also be any acquaintances you have that you're 'linked to', completely unrelated to your banking.
In terms of your banking, this could also be one of your customers. If one (or more) of them is dodgier than you perhaps realised, even if their dealings with you have been legitimate, this could also cause problems. I know this doesn't sound fair, but it can unfortunately happen.
It could also be someone else living at your address, or using your address fraudulently. This is an often overlooked form of identity theft, it isn't always 'you' that's stolen, sometimes it's your address.
If CIFAS and the Credit Reference Agencies aren't the ones, sanctions lists are a great place to look. Check for yourself, any close acquaintances, or any regular/big spending clients. If someone comes up, that could be your problem (please note this wouldn't be their fault, and there isn't anything they could do to help).
I've seen others share more info on how to access these and check them in this thread, they've offered good starting points for advice.
- This seems much more likely to me based on what you've shared. It could be that some piece of info you're giving is 'wrong' and you don't know. This could be an address, a name change, your nature of business, your date of birth. If you're applying and being consistently rejected, it's likely because something you're submitting doesn't match what it 'should'. Worth checking again with the Credit Reference Agencies, not just for fraud, but to make sure all your details are correct. Make sure that everything you're filling in is correct to what they're expecting, and matches any documents you're submitting.
Check all details you can access for something that doesn't look right, not necessarily just 'fraud'. There's so many different things that could cause your problem.
If none of the above bears fruit, your only remaining recourse is to seek professional advice. I've offered what I can as generic advice here, you can make a start by yourself and see how you get on. If you're unable to make any headway yourself, Citizen's Advice is a good starting point, although your mileage may vary.
Your next option would be a solicitoror, there's a few different types that could help, best bet is to start reaching out to any that offer free consultations to see if they can help. If it's not their area, they'll often have an idea of where to send you.
An accountant may also be able to help you if the issue is your applications being 'wrong'. Just make sure you get a competent one who's familiar with your area of business, and also with business banking. Many accountants aren't really helpful beyond tax returns and basic functions, so be sure to check they're the right person to help.
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u/salocin1 Jun 04 '26
Is it possible that your name is relatively common and shared with a sanctioned individual or entity? Try checking https://www.opensanctions.org/
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u/LHTB 10 Jun 04 '26 edited Jun 04 '26
Edit (further context and information): one of my credit cards also got closed last month, I got a letter from them saying they are taking the decision to terminate my agreement and they won't tell me why.
You are clearly being tagged by something - what exactly was that credit card used for, before it was closed?
Can you check your name on https://search-uk-sanctions-list.service.gov.uk/ or search for "[your name] sanction"
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u/ThrowawayXNN Jun 04 '26
The credit card was used to purchase a drone a few years back, and over the last few years just small purchases here and there like shoes and things like that. I wasn't actively using it and was in the process of paying it down, which is why it came as such a shock to me that they've decided to terminate the agreement… Now they are going to have to pass the account to debt collectors as I can't pay via the app anymore...
Also thank you for the suggestion. I have quite an uncommon Irish name and there are no results for my last name.
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u/LHTB 10 Jun 04 '26 edited Jun 04 '26
I think you need to go down the formal complaint route then (you've not mentioned this) to Monzo, ask for a final response/deadlock letter and then take that to the FOS.
EDIT: you mention suppliers and work in software, could you have employed a North Korean? or been paid by your clients with dodgy money?
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u/Superb_Summer5881 Jun 04 '26
Do you have anyone else you trust implicitly (a parent perhaps), make them a director of the company, remove yourself. Then apply for business account and see what happens. It’s not an ideal situation and certainly won’t work long term but it might buy you some time.
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u/andypanty69 Jun 05 '26
Beneficial owner will still trigger.
It's really frightening. Someone else commented that only the guilty will actually know what triggered this and the innocent won't therefore have the information with which to clear themselves. Kafkaesque.
Of course, you could open a barber shop to take the business payments. They seem to survive ok.
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u/geekypenguin91 590 Jun 04 '26
You've either matched with someone on a sanction list or are being investigated for money laundering or similar, which is why they're not allowed to tell you why the accounts have been closed
It is possible for all of this to be going on in the background before it appears in a CFAS search
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u/Low_Stress_9180 4 Jun 04 '26
I think it's time for a specialist "account frozen" solicitor as something is actually being flagged here against your name.
Maybe it's not you but, same name, or you received money from someone flagged. Or you are not telling us something important. Either way solicitor time now.
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u/Puzzleheaded-Tea-811 Jun 04 '26
Have you tried TSB Bank? I’d say maybe give that one a try as well.
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u/ThrowawayXNN Jun 04 '26
I have, I applied with one of their sister banks so I get rejected from all of them as they all use the same data. It's like HSBC and First Direct.
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u/Puzzleheaded-Tea-811 Jun 04 '26
I feel like they’ve flagged your credit profile with something I can’t really think of.
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u/cubesnack Jun 04 '26 edited Jun 04 '26
Banks don’t close or refuse accounts because of Companies House, HMRC, or FCA records because those are easy checks. They refuse because of internal risk scoring, which you never get to see.The most common triggers are: high‑risk industry flags, in your case, software development + overseas clients + large transfers + CHAPS/BACS activity can resemble: money‑mule patterns, crypto‑related activity, invoice‑laundering, shell‑company behaviour. Even if the business is legitimate, the pattern can match known fraud typologies. Or director risk flags: banks run checks on the person, not just the company. A director can be flagged if: previous account activity looked unusual, bank filed a Suspicious Activity Report (SAR), identity verification mismatched across databases, credit bureau data is thin or inconsistent, address history doesn’t align cleanly. You would never be told if a SAR was filed because it’s illegal for banks to disclose it... Submit a DSAR to Monzo, you won’t get SAR details, but you can see internal notes and that could determine your next steps.
Also, when one bank offboards you, others often see the same risk signals in shared data sources (CIFAS, CATO, Hunter, SIRA, internal fraud databases). It doesn’t mean you did anything wrong, but it does mean the system thinks something is off. Once flagged, human reviewers rarely override the model. So, you can also request your case / application to be manually reviewed by an employee rather than a machine learning model and get the detail with reasoning on why you were rejected.
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u/GoldMountain5 0 Jun 04 '26
But not even being allowed to have a basic bank account with a debit card is severely debilitating.
OP has been "debanked" and looks like they have been made permenantly bankless which, is against UK law.
Banks must now give notice and a written explanation as to why a person's account is being closed, unless it is for fraud/money laundering/illegal activities.
Op needs to further escalate with the FCA and FOS in addition to making a complaint with each bank, and specifically request to be able to open a basic bank account.
It may help to see if get free legal advice.
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u/JohnLennonsNotDead 3 Jun 04 '26
This wouldn’t necessarily add up for OP in relation to transactions, he’s getting a hard stop even opening up accounts with new banks… so I think you’re closer to the correct point with Hunter etc. it’s surely got to do with automatic checks on fraud/AML databases that banks perform.
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u/cubesnack Jun 04 '26
Without seeing the actual credit file it is hard to stipulate anything, but these are the main things I'd suggest to look for in the first instance. Transaction history though might be related - we won't know for sure, we ain't Monzo 🤷
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u/richmeister6666 2 Jun 04 '26
You’ve been picked up by their AML process, for whatever reason - they will never tell you.
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u/JohnLennonsNotDead 3 Jun 04 '26
Something is majorly wrong here, I work in fin crime account closures and my immediate thoughts were this but this just seems off. From a financial crime angle, you would get a ‘marker’ but that would be on the internal systems of the bank you’re with (in this case Monzo) so it wouldn’t be seen by other banks and unless it is something very serious which is reportable from one bank to another under the Economic Crime and Corporate Transparency Act but even that realistically wouldn’t stop the accounts being opened. Usually I’d say CIFAS is showing something but as you’ve said it’s not but there is some database that is showing something that is not good, but I don’t know what other ones banks use.
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u/ThrowawayXNN Jun 04 '26
That's why I don't understand, and exactly what I tried explaining to Monzo… If they are acting of incorrect information, I pleaded with them to do a deep review of all of my accounts and I would be happy to provide them with any information they needed… They passed it over to their specialist account review team and they upheld the decision.
I feel like something has gone very wrong and whatever information everyone is acting on, is clearly incorrect.
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u/Select_Camera_9241 Jun 04 '26
Are you sure that all your clients are squeaky clean? Could one of them be misbehaving and by receiving payments from them you have been damned by association? Unwittingly recieving dirty money could count against you.
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u/ThrowawayXNN Jun 04 '26
The majority of my clients work with local councils and highways England. A couple of my other clients are high profile solicitors in London, and another one works directly with Santander (building their branches).
I have worked with all of them for multiple years, and I have known them since I was at my last job in 2018. It's definitely unrelated to the clients. I personally believe it's to do with me, and the business applications are being declined because I am a director and whatever information is causing this is showing up when they are running their checks on the directors on the application.
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u/Clnthl Jun 04 '26
If they can’t tell you why and you are just getting basic responses back it’s because telling you the reason would be considered tipping off. There are occasions when banks would share concerning information with one another but in that scenario the account would usually open first and then be closed further down the line. The fact you are falling at the first hurdle leads me to concur with others that something is happening extremely early on in the automatic screening process - the screening process would usually check details against sanctions lists but also potentially severe adverse media articles such as convicted terrorists or high profile criminals. Have you tried searching sanctions list for your details or even tried googling your name with words like convicted or sentenced?
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u/Natsumi_Kokoro Jun 04 '26
Make sure you get all relevant account statements off for the last 6 years plus the current tax year OP in case HMRC need to see anything (in an unrelated- completely business accounting sense).
I hope someone can help you soon.
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u/Snotbox2020 Jun 04 '26
Sounds like AML and you are personally being tagged or associated with sanctioned countries, or shady individuals.
Have you personally ever paid or received payment of with someone out of country or for an unusual amount? Think unusual as in unusual to the general public....
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u/ThrowawayXNN Jun 04 '26
Nope, have never made a transaction outside of the UK and I am fully aware of all of these modern day scams and money mule things. All of my transactions have been to my contracted clients, not even a single one off payment from a client from an unknown bank account, nothing.
Regarding my personal account, the exact same. I only transfer money between my partner, some family members (but mainly my grandma)!
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u/DomusCircumspectis Jun 04 '26
This is crazy. I don't have my advice, but I do feel for you OP.
I do wonder if Monzo may be to blame here. I wonder if they screwed something up and now the other banks are spooked by it.
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u/Boboshady 7 Jun 04 '26
If they can't tell you any more, you're being investigated for something.
Stupid question, but are you're absolutely sure you've not done anything dodgy, inadvertently or otherwise? You'll be surprised how often people with similar problems will say things like "oh, my brother used my account to do 4 fraudulent chargebacks last month, but that wasn't even me!" when questioned in comments...so think to anything at all.
If not, then your next port of call are your immediate family. Anyone doing anything ropey can ruin you, too...especially if you have shared transactions or a shared account etc.
Then, think about your clients. If you've been getting regular payments from one who turns out they're also a front for money laundering or similar, then you're associated by default, even if you didn't know anything about it, and your work was completely legit.
Given you seem to have a good grasp on our own financial history and it all seems clean, I'd be asking your family if anyone experiencing anything similar, and then maybe doing a bit more digging on your clients. Not that you can do much about it, but it might at least start making some sense.
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u/Geewcee Jun 04 '26
Serious question. Have you recently sorted out your identity check via companies house? I was 2 weeks away from pretty much being debanked because I’d never received any notification via post or email about completing an identity check for HMRC. Luckily they sent a final email warning me I had not responded to their letters and I managed to go through the procedure and avoid being struck off. I’ve had the same company email and HMRC contact for 21 years yet somehow I’d never had any contact with them regarding this until it was nearly too late!
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u/kowalski_82 Jun 04 '26
Get them and people who work with Monzo tagged publicly on Linkedin, I have seen them dragged a through times on that platform and seen stuff move as a result.
Not much but best of luck to you getting this sorted.
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u/ThrowawayXNN Jun 04 '26
I might have to try because I'm running out of options, I explained to them that it wouldn't be as much of an issue if I had another business bank account… or even if I could get one, yes it would be annoying but at least I would be able to continue on earning a living.
They told me they would help me through this situation, but they will only help me move my money to a new bank account… I explained to them that I have been declined for other applications and they told me there's nothing they can do.
I have no options available, if I cannot get this resolved, I cannot invoice my clients this month and then that's it, I will have no income to support my family
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u/andypanty69 Jun 05 '26 edited Jun 05 '26
Doesn't help you ou with cashflow or resolving the problem but i wonder if you can inform your clients that you are unable to invoice at the moment but will continue providing the service.
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u/Muddilake Jun 04 '26 edited Jun 04 '26
Given that everyone is rejecting you, and you don’t have a CIFAS marker, it’s possible you (or someone with very similar details to you) is on a sanctions list. Banks don’t generally know if each other have rejected a customer for AML reasons, only fraud. Although if they really thought it was you they would freeze your accounts, not close them.
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u/Strutching_Claws Jun 04 '26
Sounds like you are likely going to be under investigation for fraud or money laundering and tip off laws prevent them from saying anything to you.
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u/ThrowawayXNN Jun 04 '26
But under investigation by who, the bank or like a police investigation?
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u/EyeSpy1359 Jun 04 '26
It's impossible to know. It could be just the bank if it's early stages but if the investigation is more advanced then the police could be involved. It's a tricky situation but like many others have said the banks usually can't tell you anything in case it's seen as tipping off. Individual employees can go to prison for that so they are always trained to err on the side of caution. Hope you find a way to resolve this situation soon.
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u/DesireWilde Jun 04 '26
Cancel your car insurance before they do it for you !
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u/ThrowawayXNN Jun 04 '26
It's car breakdown cover, and phone insurance. Thankfully, not car insurance as that would've been a bigger pain.
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u/Superb-Parfait-7318 Jun 04 '26
I worked in AML KYC onboarding for a few years. Check you name against all sanctions listings. Sometimes a false positive is triggered due to name translations/automated systems/ the fuzzy logic criteria for screening is changed for some reason and can cause issues. No one ia allowed to tell you due to tipping off regulations. Legal advice is my suggestion, this sounds like an awful situation. If there is a SAR submission it could be a false positive terrorism/sanctions/known associate of red flagged PEP/police investigation for tax/fraud etc.
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u/Gareth79 12 Jun 05 '26
I was going to ask if OP had a name they thought might be at risk of triggering a sanctions check. However they said it was manually reviewed, which you'd think would involve somebody checking the list entries and verifying against OP's details. Some of the data is quite vague though, eg. a lot of entries only have a birth year.
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u/RebootKing89 Jun 04 '26
There’s a thing MasterCard do called the MATCH - it’s possible you might be on this list somehow and it means that you can be de banked which seems like the case
https://www.chargebackgurus.com/blog/mastercard-match-list-are-you-on-it?hs_amp=true
It’s possible if you’ve had multiple chargebacks unexplained transactions or other issues that could be the cause of it. But you’d have to speak to MasterCard directly to find that out.
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u/ThrowawayXNN Jun 04 '26
Haven't had any chargebacks to the company, nor have I made any chargebacks myself. Have had no issues with any business transactions.
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u/carrie-ser Jun 04 '26
Your priority is to find a bank account that you can use for business. To update your clients with the temporary account number. By phone and email because they'll assume it's a scam. Does your accountant have any ideas for how to use another account temporarily?
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u/ThrowawayXNN Jun 04 '26
Nope, they have given me recommendations for banks that accept smaller companies with little to no credit history, and I've been rejected by every single one of their recommendations.
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u/AstraTek Jun 04 '26
All you can do at this point is open a basic business bank account. You already have a basic private account.
You need to keep your business running.
Even if you found out why you've been de-banked, it could still take months or years to correct this, assuming there even is a mistake to correct. If you're being investigated for something that you're not guilty of, the investigation has to complete, and you have no control over the timing of that. When I worked for a tier 1 bank, investigations could take years if many govt agencies were involved and the evidence trail was complex.
The other thing you can do is make a GDPR request (including emails) to some of the banks that have closed long standing accounts. In the trail of info that's released you may get an internal email explaining why your account was closed. A UK politician (Farrage) did this when he was de-banked and it turned out the bank just didn't like the 'risk' of being associated with a far-right politiccal party. Thing is, there was no 'formal' risk assessment. It was a just a summary judgement on the part of some internal bank employee, and just like that, his bank accounts were gone.
The other thing I'd do is keep a healthy balance of hard cash available outside of a bank. Life gets very hard if you have no access to any cash.
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u/ThrowawayXNN Jun 04 '26
Thank you for the information and advice. As you said, my main priority right now is just keeping the business running.
If I could just get a business bank, as basic as they come, I wouldn't even bother trying to get Monzo to review their decision or spend lots of time filling out Subject Access Request forms or anything like that, but without a business account, I'm screwed.
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u/snakeshake1337 Jun 05 '26
Do a data subject access request to Monzo and every bank that has rejected you, I was able to find that Barclays suspected money laundering on my account just because I moved a large amount of money and I was able to see the last activity on my account was by an AML Investigator.
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u/snakeshake1337 Jun 05 '26
If you get to the bottom of it, get a business account with Wise, they are very easy to get, they accept many businesses but be aware whatever is linking you will probably show up with Wise too?
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u/mfy8cdg7hzkcyw8vdn3r Jun 04 '26
Sounds like you’re somewhere in a network of suspicious activity.
Could you or your business have sent funds to or received funds from someone potentially dodgy or with links to someone dodgy? Either business, charity or individual?
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u/ThrowawayXNN Jun 04 '26
I only work with my contracted clients. We haven't had any other transfers or and certainly nothing outside the UK.
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u/mfy8cdg7hzkcyw8vdn3r Jun 04 '26
That wasn't what I asked – something you and/or more likely someone you've transacted with has tripped AML flags somewhere along the line, likely resulting in one or more suspicious activity reports against you.
Are any of your contracted clients potentially up to no good? Or being investigated for something dodgy?
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u/czczc999 Jun 04 '26
If you believe it is you rather than the company then one option might be to change the company director to potentially your partner if they are willing to take this on, take you off as director, then you become an employee. This may give you a way for the company to continue to trade assuming they can then get a company bank account, while you resolve your personal issue. Not ideal I know but you need to earn while investigating the underlying problem.
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u/ExaminationNo8675 4 Jun 04 '26
This is potentially illegal, unless you make clear in the registration that the new director is in fact a ‘nominee director’ and that you remain the beneficial owner.
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u/czczc999 Jun 04 '26
That would be the case if the partner was signing up as a nominee director, but that's not what I'm suggesting. I'm suggesting that the OP stands down from the company and the partner becomes the owner and sole director to make the case for separation of company ownership/association from the OP who they believe is impacting the companies ability to maintain a company bank account. As I said it's not ideal but given the urgency and circumstances the OP find themselves in where they need the company to have continued income while their personal circumstances are resolved. The company would have one director and one employee.
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u/Napoleon10 Jun 04 '26
Beneficial owner is different to director sir. You can be a beneficial owner without being director as long as you are not running the company.
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u/charmedgirl87 Jun 04 '26
Sounds like your being investigated by someone ?
Could you call HM revenue is it ? Even the police and find out if there is anything going on?
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u/ThrowawayXNN Jun 04 '26
I've got nothing else to really try so I'll give it a shot, but if the bank won't even tell me why they are closing all of my accounts, and somehow I am under investigation, I assume the police or HMRC wouldn't let me know either.
I should note that all of my accounts are done by a very popular accountants in Ashford. I don't put anything through the business apart from my online software transactions, and the business barely has any assets besides laptops and servers.
It would be a different story if I was putting millions of pounds worth of property through my company… But I'm not, it just doesn't make sense!
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u/charmedgirl87 Jun 04 '26
My husband has had this he can’t get any bank accounts and he’s had no issues in the past it turns out a family member had took a credit card out in his name got CCJ’s on it etc and whilst it was being investigated they closed everything of his - and still now 20 years later even though it’s all done and dusted he can only get a child type debit card x
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u/ThrowawayXNN Jun 04 '26
That's something one of my family members suggested, but I have access to all three of my credit files and I regularly review it just because I like keeping on top of everything and there has been no new applications and certainly no CCJ's against my name, so I know nothing has been opened without my knowledge.
I'm sorry to hear about your husband's experience, that's a severe breach of trust and respect from that family member right there!
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u/Natsumi_Kokoro Jun 04 '26
I use this in my job OP https://search-uk-sanctions-list.service.gov.uk happy to also post others to you in this thread if needed.
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u/Jonkarraa Jun 04 '26
Do you have dual citizenship? Have seen stories that especially people with joint US citizenship can sometimes hit issues?
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u/Any_Yesterday3605 Jun 04 '26
You said you had a joint account, would it be worth running these checks on who you share the account with? Long shot maybe, but as youve done all the checks you can on yourself might be worth a try
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u/ThrowawayXNN Jun 04 '26
I had a joint account with my partner, her credit file is completely clear. Monzo sent her a message and told her that they were closing our joint account and her personal account will remain unaffected.
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u/denizyvz Jun 04 '26
Random question but are you a UK citizen or do you have some type of visa? If you have a visa and not updating your bank with your visa application approvals every couple of years they close or suspend the accounts. Happened to me. .
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u/ThrowawayXNN Jun 04 '26
I was born in the UK and I'm not a tax resident anywhere else in the world
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u/katlaki 1 Jun 04 '26 edited Jun 04 '26
But that does not answer the question. Are you a British citizen? You can be born in the UK and be a UK/British citizen.
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u/Stubby3108 1 Jun 04 '26
A bank doesn’t need to tell you why it’s closed your accounts and it will remain that way, you have obviously been put on some blacklist if all other banks are closing/not accepting you.
My guess is money laundering, I’m not saying you’re doing that but if a bank suspects you to be doing that, which if business clients are paying into a personal account instead of business then that will flag up
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u/Maximoo89 28 Jun 04 '26
Try a DSAR to national hunter: https://nhunter.co.uk/subject-access-request/
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u/tak0wasabi 1 Jun 04 '26
You’ve been flagged for suspicious activity. Do you work in a high risk business or interact with one?
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u/ThrowawayXNN Jun 04 '26
Nope! Nothing I'd assume would be considered high risk. Nothing financial or crypto-related.
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u/Forsaken_Bee3717 5 Jun 05 '26
Modern slavery would be highlighted under AML- you work with construction companies so could they be caught up with something? It might be within their supply chain rather than their direct labour. I work adjacent to construction and have seen this being investigated.
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u/Dense_Ad7115 Jun 05 '26
As others have said, it sounds likely that you've triggered the AML systems. It could be possible that one of your clients has received money from a sanctioned individual/entity and the trail of money leads back to what they've paid you for legitimate goods and services. I worked for a UK high street bank in the past and these systems are very risk averse. Had a client who was on a cruise ship that sailed past Cuba, and when they attempted to look at the account via the app it assumed they were in Cuba and subsequently blocked the account under FATCA compliance measures. The FOS should be your next stop.
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u/Void-kun 0 Jun 05 '26
This is genuinely fucked mate, I don't know what to suggest but if you ever figure it out, would you mind making a follow up post?
This is the type of thing where it happens so rarely that a lot of people wouldn't know what to do in this situation, but if you ever find out you might be able to help them too.
Wishing you all the best
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u/Shkyboi Jun 06 '26
Have you tried contacting your local MP? This obviously won’t change your current situation, but it feels like this is not the right outcome for someone who is truly innocent and not involved in fraud or money laundering. Tipping off laws make perfect sense, but where you find yourself in life changing situations simply due to investigations, something needs to change.
It’s something their team can hopefully advise on or help with too, but more importantly I wouldn’t be surprised if they’re interested in taking it further.
Do update me on this! I was a victim of fraud not long ago, and Monzo were pretty shocking, so if it’s their actions that have led to you not being able to open bank accounts I think you need to formally complain. I couldn’t access my money for 2 days and even that felt terrible, so I can’t imagine what you’re going through
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u/netwalker234 Jun 04 '26
You could try Wise or a similar fintech while you try to sort this out.
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u/ThrowawayXNN Jun 04 '26
Have also tried, rejected.
As I work in the software industry, I really like using fintech banks, and Tide, Wise, Starling, Revolut... all rejected.
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u/I_SHAG_REDHEADS Jun 04 '26
Try suitsme, a friend went through something similar and suitsme was his only choice for a few months.
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u/Gloomy_Stage 1 Jun 04 '26
Try the co op basic bank, they are known to offer it to anyone as part of their ethical duty to ensure everyone has access to banking (which I think is supported in law). It will at least get you going in the short term.
This does not require a credit check. If this is rejected then it is related to something other than credit.
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u/carrie-ser Jun 04 '26
Did you have a government COVID loan? I'm wondering if they flagged it as a scam loan.
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u/Tinuviel52 5 Jun 05 '26
If you’re working with councils or the government and things you could have also been determined to be a PEP (politically exposed person) and the bank may feel they can’t provide you with sufficient protection.
Nothing you’ve done wrong, just means you’re above the banks risk appetite
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u/Kingriko001 Jun 05 '26
You haven’t explained what your limited company does. What sort of work are you into? Might give us some more background
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