November 2023
Mule accounts are defined as intermediary accounts used for money laundering, acting to create complex transaction chains in order to reduce detection by the financial services sector and law enforcement of an organised crime network (OCN) and/or individual offenders.
Mule accounts might be operated by a money mule, which is a person who transfers illegally acquired money on behalf of others, knowingly or unknowingly.Often, a mule account is controlled by a recruiter (sometimes known as a herder), potentially on a temporary basis, after the account holder has provided the recruiter with their account details, bank card, pin and/or passwords in exchange for a fee.
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Source: www.nationalcrimeagency.gov.uk