UK regulator says firms are under-reporting money mules
Financial companies cite challenge of establishing criminal intent
The UK’s Financial Conduct Authority (FCA) says financial institutions are failing to report “money mules” to the national fraud database.
The money laundering technique involves an individual or “money mule” moving the proceeds of crime on behalf of criminals. The mules are sometimes doing so unwittingly, but still run the risk of severe punishment.
In a report published on January 23, the FCA says that between January 2022 and September 2023, 25 firms had offboarded a total of 194,084 money
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