What is a Money Mule?

About Money Mule:

• A money mule is someone who transfers or moves illegally acquired money on behalf of someone else.
• Criminals recruit money mules to help launder proceeds derived from online scams and frauds or crimes like human trafficking and drug trafficking. 
• Money mules add layers of distance between crime victims and criminals, which makes it harder for law enforcement to accurately trace money trails.
• Money mules can move funds in various ways, including through bank accounts, cashier’s checks, virtual currency, prepaid debit cards, or money service businesses.
• Criminals will often use fake job adverts, or create social media posts about opportunities to make money quickly, in order to recruit potential money mules.
• Some money mules know they are supporting criminal enterprises; others are unaware that they are helping criminals’ profit.
• Money mules often receive a commission for their service, or they might provide assistance because they believe they have a trusting relationship with the individual who is asking for help.
• When such frauds are reported, the money mule becomes the target of police investigations.

Even if money mules are not directly involved in the crimes that generate the money, they are accomplices, as they launder the proceeds of such crimes.

Q1: What is a Current Account?

A current account is an account meant for business. Unlike savings accounts that cater to individuals who want to save money, current accounts are mainly used to service the needs of the businesses. Also, current accounts provide a higher number of transaction limits on monthly cash deposit / withdrawal (within city or outside city) compared to savings accounts.

Source: Banks scanning proprietor A/Cs to spot ‘money mules’

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