Monzo in double trouble as it issues results warning and faces AML probe

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Its safe to say Monzo is not having a good couple of weeks. On 30th July the company issued a PR which saw £114.8 million in pre-tax losses* last year according to the company’s annual report for 2020–2021.

Monzo in double trouble

The company saw a similar loss rate the year prior, and insisted it was now on track to be profitable by 2022. Revenues grew 18{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to £66 million.

Nonetheless, for the second time, Monzo’s accountants said there was “material uncertainty” over the company’s future. They raised a “going concern” warning in the 2019 financials too, saying there

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Euro area banks in the recovery

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In a recent speech by Mr Luis de Guindos, Vice-President of the European Central Bank, at the Frankfurt Euro Finance Summit in Frankfurt, the seasoned banker made clear that Europe’s banks are in recovery but fresh risks remain.

Euro area banks in the recovery

“Today, I will focus on the banking sector and on financial system stability which is a necessary condition for the recovery from the pandemic crisis,” said de Guindos.

Banks have weathered the pandemic and the economic outlook is brightening

“The euro area economy was struck in 2020 by the extraordinary and severe coronavirus (COVID-19) pandemic

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NCR agrees to acquire cryptocurrency solution provider LibertyX

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NCR , best know for its ATM’s and POS solutions, has announced a definitive agreement to acquire LibertyX, a cryptocurrency software provider, with a view to providing a complete digital currency solution for Banks, Retailers and Restaurants.

NCR agrees to acquire LibertyX

“Due to growing consumer demand, our customers require a complete digital currency solution, including the ability to buy and sell cryptocurrency, conduct cross-border remittance and accept digital currency payments across digital and physical channels,” said Tim Vanderham, Chief Technology Officer, NCR Corporation.

“The LibertyX solution will accelerate our ability to rapidly deliver these capabilities to the market.”

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Chubb’s Greenberg argues case for pandemic insurance programme

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“COVID-19 stole lives, and its harm to the US and global economy has been catastrophic,” said Greenberg. “We should, in my judgement, take the lessons learned to improve our health response capabilities to future pandemics. We can also lessen the economic blow by building a financial backstop that is triggered when economic activity is disrupted. To this purpose, the insurance industry can play an important role in partnership with the federal government.”

Read next: The challenge of making pandemics insurable

Pandemics are different to other catastrophic events like earthquakes, hurricanes, and floods in that they are not limited to a

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