03 April 2017
The Rise of the Mule
The problem of money laundering and mule networks in the UK is not a new one. For years, people involved in organised crime have endeavoured to set up accounts for the express purpose of moving the proceeds of crime through a network, in order to obscure their source, extract funds and make recovery by Financial Institutions (FIs) nearly impossible.
Part of the reason for the rise and success of money launderers and mule networks in countries like the UK is the speed at which modern payment systems such as Faster Payments enable money to be both received and sent. People and businesses benefit from the speed and convenience of transferring money 24/7; unfortunately, criminals are also quick to leverage the benefits to fund their activities and launder money.
Every FI has a number of powerful tools which can identify and stop the proceeds of crime, however these tools are only as good as the data that they see, and no single FI can see the entire end-to-end payments flow across the banking network.
Tasked with tackling the issue of money laundering, Accura applied cutting-edge data analytics to identify, and track suspected money mule activity across the UK payments infrastructure. The results are significant and conclusive:
- We have proven that it is possible to develop game-changing anti-money laundering solutions to tackle the issue of money mules;
- Our solution can help address concerns by consumer bodies, in particular assertions in the recent Which? super-complaint, that the industry is not doing enough to protect people and businesses from fraud;
- The solution has the potential to suffocate funds dispersion routes, and to make UK payments more secure for both individuals and businesses.
Our new report shares the results of our investigations and how we have the potential to suffocate funds dispersion routes, and to make UK payments more secure for legitimate users.
Download a copy of The Rise of the Mule