The UK Financial Conduct Authority has published a multi-firm review finding that regulated firms closed 238,396 suspected money mule accounts in 2025, up from 184,935 in 2023, although growth in closures slowed in the final year. Repeated use of some accounts across several fraud types points to established criminal infrastructure. The FCA expects banks, building societies, payment institutions and e-money institutions to assess their exposure and strengthen controls for detecting, preventing and disrupting mule activity where necessary. Analysis of 140 fraud cases found that proceeds were generally cashed out between the second and fifth mule accounts, with the greatest concentration at the second account. Card payments were the most common cash-out method, while international transfers and crypto transactions tended to be higher in value. Firms should look beyond the initial recipient to linked accounts, payment characteristics and the broader transaction context, regularly update controls for emerging patterns and use available information-sharing arrangements, including provisions under the Economic Crime and Corporate Transparency Act 2023. The FCA is working with the National Economic Crime Centre to issue an alert with further findings and will examine firms’ responses to evolving money mule threats through its supervisory work.
2026-09-21Financial Conduct Authority
UK Financial Conduct Authority identifies organized money mule networks and calls for stronger controls after 238,396 account closures
The UK Financial Conduct Authority found that firms closed 238,396 suspected money mule accounts in 2025, while repeated account use and cash-outs concentrated between the second and fifth mule accounts indicated organized criminal networks. Firms should strengthen risk-based detection, linked-account analysis and intelligence-sharing, with the FCA set to monitor their responses through supervision.