Don’t get mauled by a money mule!

Don’t get mauled by a money mule!

C&G publishes free educational presentation: Don’t get mauled by a money mule!

Money mules. What are they? Why do they pose a threat to financial services firms and their customers? What steps does the Financial Conduct Authority (“FCA”) expect firms to take to counter this threat?

To help you gain a quick answers to these questions, we have prepared an open access presentation which is available by clicking on the image below:

C&G Money Mules Primer 311023

Why are we publishing this presentation on money mules now?

The FCA, working closely with the UK Government and National Crime Agency (“NCA”), recently published the findings of a major review into firms’ defences against money mule type activities. It is important that firms engage with these findings and account for typical red flags highlighted in the NCA’s publications in their onboarding and monitoring efforts. Failure to do so could lead to regulatory intervention and poor outcomes for customers.

Who is this presentation particularly relevant to?

This presentation is particularly relevant to money laundering reporting officers (“MLROs”), anti-financial crime staff, onboarding staff, senior managers and Consumer Duty champions at the following types of firm:

  • Banks
  • Building societies
  • Payment services institutions
  • Electronic money institutions
  • Cryptoasset firms

Can I forward this presentation to internal and external contacts?

Please feel free, it is an open access presentation!

Can I share this presentation on social media?

Again, please feel free provided you link or tag your post to C&G Regulatory Solutions, for example using the functionality in Linkedin.

Need help?

We offer healthchecks to test the robustness of a firm’s anti-financial crime systems and controls. Furthermore, we can create training courses which are bespoke to your firm’s operating environment and help you find suitably qualified staff for your anti-financial crime function. For more information, please contact us.

References

2023. SARs in action: money mules special edition. UK Financial Intelligence Unit, available at: https://nationalcrimeagency.gov.uk/who-we-are/publications/675-sars-in-action-issue-22/file (last accessed 1st November 2023).

2023. Proceeds of fraud – Detecting and preventing money mules. Financial Conduct Authority, available at: https://www.fca.org.uk/publications/multi-firm-reviews/proceeds-fraud-detecting-preventing-money-mules (last accessed 1st November 2023).

2021. The rise of money launderers on Snapchat and Instagram. Vice, available at: https://www.youtube.com/watch?v=UfgbZ5wJszs (last accessed 1st November 2023).

Alexander Culley

Alexander Culley

Alexander Culley

Receive our latest insights straight to your inbox