Money mules laundered €9.4m over 12 months

BPFI warns young people of suspicious approaches to facilitate the transfer of cash through their accounts
Money mules laundered €9.4m over 12 months

BPFI head of financial crime Niamh Davenport: 'Criminals are increasingly using social media to target teenagers and young adults, luring them with cash or gifts to act as money mules.'

Young people have been advised to be aware of suspicious approaches to facilitate the transfer of cash through their accounts, with data showing that €9.4m has been laundered through money mules in the year to the end of June.

A money mule is someone who receives stolen money or proceeds of crime into their account and transfers it to another, often in return for money or an expensive gift. Facilitating laundering is a serious offence and can result in a criminal record and a prison sentence.

While the amounts moved through these accounts vary, they typically range between €5,000 and €10,000 per case.

FraudSMART members, which is a fraud awareness initiative led by Banking and Payments Federation Ireland (BPFI), have found the majority of money mule bank accounts belong to those aged between 18 and 24, with some cases involving children as young as 14.

30% of 18-24-year-olds aware of such approaches 

According to research by FraudSMART, 30% of those aged 18 to 24 reported that they or someone they know have been approached to use their bank account to transfer money.

Some 26% of those aged 18 to 24 were unaware money muling could help fund other criminal activity, 31% were unaware that they would be committing a money laundering offence, 35% did not understand they could face jail time, and 42% said they were unaware it could affect their ability to obtain international travel or work visas.

BPFI head of financial crime Niamh Davenport said that “criminals are increasingly using social media to target teenagers and young adults, luring them with cash or gifts to act as money mules”.

This data comes as FraudSMART launches its Money Mules campaign to warn students to be on alert for money mule recruiters, particularly through social media adverts. Ms Davenport said: 

Money muling is not just a one-off favour — it is money laundering, and it places young people directly in the middle of criminal activity. 

“It’s important to know the warning signs and how to avoid being drawn into money muling, and that parents stay alert and have open, practical conversations with their children about this issue.”

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