I have written before about money laundering, but it seems there is one form of money laundering that is on the rise, using “money mules”.
So what is a money mule you ask….I will explain.
You are asked to open a bank account, or use your existing bank account, or open a cryptocurrency account, and allow money to be transferred to your account. You then forward an amount of that money onto the cryptocurrency account, or some other person’s bank account. For your troubles, you are allowed to keep a percentage or flat amount of the money you received.
An example may be this:
You receive £5,000 in your account, and are expected to transfer £4,500 to another account.
The money you received was dirty, maybe from selling drugs, etc, once you pass that money onto another account, which may be in another country, the money is clean. You have laundered and muled the money.
Students are a huge target for money mule schemes. They need the money, and ask little questions.
You can see adds for jobs on some social media sites, offering high pay just to be an “agent for cryptocurrency” or be a financial transaction specialist.
The pay seems good, the recruitment process seems real, hey…why not?
The why not are the consequences….there are always consequences.
Banks monitor their customer’s accounts. A lot of money being transferred brings up a bright red flag!
Not only can your account be frozen, you can be reported to Cifas, which is the country’s fraud database. Not a good thing to be on this database. It can affect any future bank accounts you may try to open.
Then there is the possibility of prison, yes prison. Up to 14 years! This would be rare, but it still is a very real possibility.
So be wary of anyone offering easy money just to be a financial transaction analyst or something similar. If you are asked to move money from your bank account to another bank account, you are being used as a money mule.