Business Account Privacy Notice

• personal details like your name, date and place of birth;

• business contact details like the business address, email and phone number;

• contact details like your home address (and previous addresses), email and phone number;

• information about your identity, such as a copy of your ID document, a short video of yourself;

• information about your right to live in the UK and your tax residency;

• financial details, such as the industry your business is in, annual income and residential status;

• answers you give to surveys about Monzo and our services.

• our own records of your shareholders (including beneficial owners), suppliers and companies you use or may have agreements with;

• documents of Persons of Significant Control and Ultimate Beneficiary Owners of businesses (this is for us to verify the PSCs/UBOs of business accounts and includes their name, date of birth, contact details and address);

• employers;

• other directors, partners, beneficial owners, signatories or employees in your business; and people who act on your behalf.

• the phone number you’re calling from and information you give us during the call (we record all calls);

• the email address you use and the contents of your email (and any attachments); and

• public details from your social media profile (like Facebook, Instagram or Twitter) if you reach out to us via these platforms, and the contents of your messages or posts to us.

• details about payments to and from your Monzo account, your savings activity (using Pots), and any overdrafts or loans you take out;

• details about services from us and our partners that you express interest in;

• details about how you use our app; and

• all the countries you're a tax resident in and your Tax Identification Number for each one.

• mobile network and operating system, so we can analyse how our app works and fix any problems;

• IP address and device ID (we’ll link your mobile number with your device);

• mobile advertising ID, so we can share it with companies that help us with advertising online (you can reset this ID or limit tracking in your phone ‘Settings’); and

• location if you’ve authorised tracking, so we can help protect you against fraud.

• credit reference agencies to verify your identity, check if we can offer you an overdraft or loan and manage business risk (this is a 'soft search' and won’t impact your credit score). If you take out a loan or overdraft for the first time, we do a full search (which may impact your credit score). We also use this information to check you can continue to afford your loan; and

• fraud prevention agencies and KYC (Know Your Customer) and AML (Anti Money Laundering) service providers to fulfil our legal duties.

• official public records, like the Electoral Register or Companies’ House; and

• information published by the press or on social media.

Our reasons for using your information 🔍

• Contractual duty

• Legal obligation

• Legitimate interest

• Public task

• Vital individual interest

• Consent.

• consider your application;

• give you the services we agreed to in line with our, and our partners’ terms and conditions;

• help us maintain the account;

• facilitate international payments for businesses;

• send you messages about your account and other services you use if you get in touch, or we need to tell you about something;

• exercise our rights under contracts we’ve entered into with you, like managing, collecting and recovering money you owe us; and

• investigate and fix complaints and other problems

• support you if you contact our customer support team, or to help investigate complaints.

• confirm your identity when you sign up or get in touch;

• check your record at immigration and fraud prevention agencies;

• prevent illegal activities like money laundering, tax evasion and fraud;

• check your credit history and ask about your reasons for applying for an arranged overdraft or loan, and other details about your financial circumstances so that we can make responsible lending decisions;

• keep records of information we hold about you in line with legal requirements;

• adhere to banking laws and regulations (these mean we sometimes need to share customer details with regulators, tax authorities, law enforcement or other third parties); and

• compare information we hold about your account with your tax residency information to make sure we don’t have a reason to doubt it.

• check your record at credit reference agencies when you sign up to see if we can offer you an overdraft or a loan;

• tell you about products and services through the app or other channels, like social media companies, based on how you use our products and services and other information we hold about you;

• may also exclude ads on this basis. We do this so we can make sure our marketing is useful. That includes instructing platforms to show or not show Monzo adverts to existing customers;

• share limited identifying information about you with social media companies and other communication platforms, and analytics and search engine providers including your mobile advertising ID and hashed versions of the email address and phone number you give to Monzo;

• may use the personal information you share with us to test third party services;

• track, analyse and improve the services we give you and other customers and how you respond to ads we show;

• may ask for feedback if you’ve shown interest in a service. We do this so that we can make our products better and understand how to market them;

• use the personal information you share with us and data you create from using the app to suggest Monzo features or products you’d find useful. If you don't want us to do this, you can opt-out in the app; and

• share insights with the public about spending, saving or borrowing trends based on data that doesn’t personally identify you.

• show where you were when you bought something with Google maps (in the Monzo app) and send you travel reports when you’re abroad (we tell this from transaction data, not by tracking your phone);

• give you reports on how you’ve spent and/or saved money using Monzo (‘Spending Reports’ and ‘Trends’); and

• personalise your visual experience in the Monzo app

• show your profile pictures and name to Monzo contacts in their app if you have not turned this off via your profile privacy settings (if you pay someone, they’ll see your name regardless. It’s our legal duty to show this.)

• protect the rights, property or safety of us, our customers or others;

• carry out security and maintenance checks to make sure our app, website and other services run smoothly for you;

• manage Monzo’s business risk and finances, and protect our customers and staff;

• share information with credit bureaus and fraud prevention agencies so we can benefit from up-to-date information when we make decisions about accounts or loans. This helps us make responsible lending decisions and fight financial crime;

• share your name, title and account number with other banks and building societies, so that people making payments to you can confirm the name they have for you matches the name we hold in our records. This helps us fight financial crime.

• store backup copies of your data in case we face a legal claim about the information and;

• share information with companies so they can help us provide our services.

• record any issues you want us to know about so we understand how to best support you (if the information is sensitive, we need a second lawful basis, see ‘Our reasons for using special category information’);

• tell you about our products and services, and those of our partners by email or push notification if we think they’re of interest to you. You can unsubscribe from these by email or in the app. (If you don’t want to see lending promotions in the app, you can opt out in ‘Settings’);

• help protect you against fraud by tracking the location of your phone if you’ve authorised it (iOS);

• tell people that you have a paid account

• share information about you with companies we work with when we need your permission (see ‘Who we share your data with’).

• details about other bank accounts you hold when you use out connected banks feature or connect using open banking

• eligibility check for your borrowing products

Our reasons for using special category information

• racial or ethnic origin

• political opinions

• religious or philosophical beliefs

• trade union membership

• genetic or biometric data (if used for identification purposes)

• information concerning a person’s health, sex life or sexual orientation

• use facial recognition technology to identify people who use our services in the Monzo app. We do this because it’s necessary for reasons of substantial public interest to prevent or detect unlawful acts; and

• record information about your health if it’s necessary to protect your economic well-being if you’re at risk, and seeking consent would be unreasonable or negatively impact our ability to help you.

Automated decisions & Artificial intelligence 📲

• we can give you a Monzo account based on your age, residency, nationality, financial position and other circumstances, like the results of anti-money laundering and sanctions checks;

• we can give you an arranged overdraft or loan based on information we hold about you, and information we get from credit reference agencies. This includes details on whether you’ve kept up to date with payments on any credit accounts, and if you’ve been to court;

• we need to take action, like freeze a transaction or account, because we suspect fraud or money-laundering against Monzo or a customer. Our computers decide this based on patterns in our data, like an account or policy being used in a way that fraudsters work;

• you’re eligible for our borrowing products;

• our services and products, or those of companies we work with, are suitable for you so that we can tailor our marketing; and

• we complete initial assessments for disputed transactions you raise through the app with automated decisions;

Who we share your data with 🤝

• companies that make our Monzo cards;

• card producers and networks, like MasterCard;

• card processing partners;

• analytical, Know Your Customer (KYC), Know Your Business (KYB) and cyber security service providers that help us with identity verification or fraud checks;

• cloud computing provider, storage and software providers;

• our business intelligence and analytics platform provider;

• companies that help us with functional analytics (to help us solve technical problems with the app for example);

• companies that help us with marketing (we won’t share identifiable personal data with third parties for their own direct marketing unless you give us permission, and you can opt out any time);

• software companies we use for emailing you, or for processing and storing emails with you;

• companies that help us with customer support;

• companies that help us with fraud prevention;

• your other business account admins, directors and PSCS/UBOs

• companies that offer benefits or rewards through special programmes you sign up to in the app;

• digital wallet providers

• companies that print written statements and notices; and

• companies that manage our CCTV and security if you visit our offices.

• your name, address and date of birth;

• accounts you have, including when you opened them and money going into them (if you owe us money, we’ll also share your balance);

• if you’ve borrowed, details of your loan and repayments (like whether you repay in full and on time); and

• fraud prevention information.

• verify your identity and make sure what you’ve told us is true;

• help detect and prevent fraud and money laundering;

• assess whether you can afford to make repayments if you borrow;

• manage your account with us;

• trace and recover debts; and

• make sure our offers are relevant to you.

• companies that introduce their own services in the Monzo app;

• other apps;

• other banks if you use account switching or aggregation services;

• people you’ve asked to represent you, like solicitors and;

• other business members.

• authorities that spot and stop financial crime, money laundering, terrorism and tax evasion if the law says we have to, or if it’s necessary for other reasons;

• the police, courts or dispute resolution bodies if we have to;

• other banks to help trace money if you’re a victim of fraud or other crimes or if there’s a dispute about a payment; and

• any other third parties where necessary to meet our legal obligations.

Additional Monzo Services ⭐️

How long we keep your information 📁

• your account name and status (open/closed);

• your account number, sort code, IBAN and BIC;

• the first 6 and last 4 digits of your card number (if the account comes with a card);

• your account balance and any overdrafts or credit limits you have; and

• details of transfers going in and out of your account. This includes transaction amounts, currencies, exchange rates, merchants and information about people you've paid or who've paid you, as well as any joint account or other card holders who've made transactions. This includes up to 3 years of ****historical transfers at the point you first connect your other account, and ongoing daily updates. So it's possible to view more than 3 years of details within the Monzo app.

• your Monzo account balances and any overdrafts or credit limits you have with us; and

• your Monzo account transaction history (including information about people you’ve paid or who’ve paid you).

• racial or ethnic origin

• political opinions

• religious or philosophical beliefs

• trade union membership

• information concerning health, sex life or sexual orientation

Our reasons for using your information 🔍

• improve the ‘Other accounts in Monzo’ service. For example, we’ll analyse aggregated data to understand what additional insights we could give other customers about their finances as part of the service;

• develop our business strategy using aggregated data about how customers use Monzo, other accounts and engage with the ‘Other accounts in Monzo’ service. This helps us make sure we develop the right products and make the right business decisions to make sure Monzo is successful;

• investigate suspected criminal activity to help keep our customers and Monzo safe, and to meet our legal obligations. We may share your information with law enforcement if authorised by law; and

• to store backup copies in case we face a legal claim about the information.

Who we share your data with 🤝

• cloud computing power and storage providers;

• our business intelligence and analytics platform provider;

• companies that help us with functional analytics (for example, to help us solve technical problems with the app); and

• companies that help us with customer support.

• authorities that spot and stop financial crime, money laundering, terrorism and tax evasion if the law says we have to, or if it’s necessary for other reasons;

• the police, courts or dispute resolution bodies if we have to;

• other banks, to help trace money if you’re a victim of fraud or other crimes, or if there’s a dispute about a payment; and

• any other third parties where necessary to meet our legal obligations.

How long we keep your information 📁

• full legal name of any account holders and status (open/closed);

• your account number, sort code;

• your account balance; and

• details of transfers in the last 13 calendar months. This includes transaction amounts, currencies, exchange rates, merchants and information about people who've paid you.

Our reasons for using your information 🔍

• consider your application;

• give you the services we agreed to in line with our terms and conditions; and

• exercise our rights under contracts we've entered into with you, like managing, collecting and recovering money you owe us.

• improve our decision making

• develop our business strategy, using aggregated data about how customers use Monzo and engage with the Open Banking service. This helps us make sure we make the right products and decisions to make sure Monzo is successful; and

• to store backup copies in case we face a legal claim about the information.

Who we share your data with 🤝

• cloud computing power and storage providers;

• our business intelligence and analytics platform provider;

• companies that help us with functional analytics (for example, to help us solve technical problems with the app); and

• companies that help us with customer support.

• authorities that spot and stop financial crime, money laundering, terrorism and tax evasion if the law says we have to, or if it's necessary for other reasons;

• the police, courts or dispute resolution bodies if we have to;

• other banks to help trace money if you're a victim of fraud or other crimes or if there's a dispute about a payment; and

• any other third parties where necessary to meet our legal obligations.

How long we keep your information 📁

Information we collect on you 👀

• you use our website or you interact with our social media pages

• you pay a Monzo customer

• a Monzo customer pays you

• when you are named as a person of significant control, ultimate beneficial owner, director or an employee of a business

• when you contact Monzo

• your name

• your identity documents

• your contact details such as your email address, phone number and address

• the business details that you are a part of

• payment details include card details, transaction details and any references

• your cookie and tracking preferences

• interactions you have had with Mozno

• your social media handles and posts

• receipts that you upload and;

• payment details

Special Category Data

Our reasons for using your information 🔍

• to invite you to join an existing Monzo Business account

• to facilitate a payment

• to send you receipts of your payment

• to help you with your queries

• to ensure that we are talking to the right person

• to supply you with services, such as viewing your transactions as a team member

• to share details of your spending with your business admin account holder

• to confirm your identity when you sign up or get in touch

• check your record at fraud prevention agencies

• prevent illegal activities such as financial crime

• keep records of information we hold about you in line with legal requirements

• adhere to banking laws and regulations (these mean sometimes we need to share details with regulators, tax authorities, law enforcement or other third parties)

• analytics

• product and service development

• tell you about product and services through channels such as social media, depending on how you interact with Mozn

• may also exclude ads on this basis by sharing limited data with third parties

• track, analyse and improve Mozno based on how you interact with ads and Monzo accounts

• to test third party services

• to send you notifications about features and products that you may be interested in

• to answer any surveys take part in research or prize draws

• to show your profile picture to people on your business account

Automated decisions & Artificial intelligence 📲

• we can give you a Monzo account based on your age, residency, nationality, financial position and other circumstances, like the results of anti-money laundering and sanctions checks;

• we need to take action, like freeze a transaction or account, because we suspect fraud or money-laundering against Monzo or a customer. Our computers decide this based on patterns in our data, like an account or policy being used in a way that fraudsters work;

• we complete initial assessments for disputed transactions you raise through the app; and

• our services and products, or those of companies we work with, are suitable for you so that we can tailor our marketing.

Who we share your data with 🤝

• cloud computing provider, storage and software providers;

• our business intelligence and analytics platform provider;

• companies that make our Monzo cards

• card producers and networks, like MasterCard

• companies that help us with functional analytics (to help us solve technical problems with the app or website, for example)

• companies that help us with marketing (we won’t share identifiable personal data with third parties for their own direct marketing unless you give us permission, and you can opt out any time)

• companies that help us with customer support

• companies the help us with fraud prevention

• business account admins

• companies that print written statements and notices; and

• companies that manage our CCTV and security if you visit our offices

How long we keep your information 📁