Table of Contents
What is a money laundering mule?
Money Mules are individuals who transfer illegally obtained money on behalf of others using bank accounts, wire transfers, money orders, or checks.
What do money mules do?
Money muling is a type of money laundering. A money mule is a person who receives money from a third party in their bank account and transfers it to another one or takes it out in cash and gives it to someone else, obtaining a commission for it.
What do you do if you are a victim of a money mule?
If you think you’ve been involved in a money mule scam, here’s what to do:
- Stop communicating with anyone who asked you to move money or property .
- Tell your financial institution and consider changing accounts.
- Report the scam to local law enforcement and at reportfraud.ftc.gov .
Why Criminals use money mules?
Why are people looking for money mules? Using a money mule is a form of money laundering. It is one of the ways criminals can use to make their profits more difficult to trace. You won’t know where the money is coming from, or where it’s going, but it could be used to fund drugs, child trafficking or even terrorism.
Is money mule illegal?
Acting as a money mule is illegal and punishable, even if you aren’t aware you’re committing a crime. Some of the federal charges you could face include mail fraud, wire fraud, bank fraud, money laundering, and aggravated identity theft. Serving as a money mule can also damage your credit and financial standing.
Do money mules go to jail?
Money mules help criminals move funds and remain anonymous while doing so. Anyone caught acting as a money mule, even if done so unknowingly, can face a prison sentence, fine or community service, and the possibility of never again being able to secure a mortgage or open a bank account.
How are money mules recruited?
Money mules are recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different bank accounts. Criminals will often use fake job adverts, or create social media posts about opportunities to make money quickly, in order to lure potential money mule recruits.
How do you spot a money mule?
Unwitting or Unknowing
- Often solicited via an online romance scheme or job offer.
- Asked to use their established personal bank account or open a new account in their true name to receive money from someone they have never met in person.
- May be told to keep a portion of the money they transferred.