THE MONEY MULE RED FLAGS IN ANTI-MONEY LAUNDERING TRANSACTION MONITORING INVESTIGATION

  • Mohd Irwan Abdul Rani Accounting Research Institute, Universiti Teknologi MARA, Shah Alam, MALAYSIA
  • Salwa Zolkaflil Accounting Research Institute, Universiti Teknologi MARA, Shah Alam, MALAYSIA
  • Sharifah Nazatul Faiza Syed Mustapha Nazri Faculty of Accountancy, Universiti Teknologi MARA, Shah Alam, MALAYSIA

Abstract

This paper discusses the money mule red flags that anti-money laundering (AML) analyst should look for in performing transaction monitoring investigation. The important red flags include KYC (Know Your Customer) information and transaction monitoring indicators. Money mule phenomenon is fueled by the desperation to disrupt criminal activity money trail, getting the help from recruited money mule account holders. Evidence is presented in this paper which shows that money mule is a global economic crime, affecting jurisdictions like European Union, United Kingdom and Malaysia. In Malaysia, Commercial Crime Investigation Department (CCID) aggressively pursues money mule account holders with the help of STR (suspicious transaction report) filed by financial crime compliance officer to Financial Intelligence Unit (FIU). Unprecedented guide for money mule STR filing is outlined in this paper which can be useful for financial crime compliance officer working in Financial Crime Compliance Unit.

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Published
2022-03-10
How to Cite
ABDUL RANI, Mohd Irwan; ZOLKAFLIL, Salwa; SYED MUSTAPHA NAZRI, Sharifah Nazatul Faiza. THE MONEY MULE RED FLAGS IN ANTI-MONEY LAUNDERING TRANSACTION MONITORING INVESTIGATION. International Journal of Business and Economy, [S.l.], v. 4, n. 1, p. 150-163, mar. 2022. ISSN 2682-8359. Available at: <https://myjms.mohe.gov.my/index.php/ijbec/article/view/17658>. Date accessed: 13 aug. 2022.
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Articles