THE MONEY MULE RED FLAGS IN ANTI-MONEY LAUNDERING TRANSACTION MONITORING INVESTIGATION
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.
References
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Europol. (2017). 159 Arrests and 766 Money Mules Identified in Global Action Week Against Money Muling. Retrieved from https://www.europol.europa.eu/newsroom/news/159-arrests-and-766-money-mules-identified-in-global-action-week-against-money-muling
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Financial Intelligence and Enforcement Department. (n.d.). Compliance officer’s roles and responsibilities. Bank Negara Malaysia. https://amlcft.bnm.gov.my/document/DNFBP/infographic/ii INFOGRAPHIC COMPLIANCE OFFICER%27S ROLE & RESPONSIBILITIES.pdf
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Financial Transactions and Reports Analysis Centre of Canada. (2021). Money Laundering and Terrorist Financing Indicators—Securities dealers. https://doi.org/10.4324/ 9781003133636-12
Foy, K. (2021). Suspected ‘money mule’ (22) arrested as part of operation into €1.1m fraud. The Independent. https://www.independent.ie/news/suspected-money-mule-22-arrested-as-part-of-operation-into-11m-fraud-40151151.html
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Hadzman, M. (2019). Penjenayah siber kaut RM5.2 billion. Utusan Malaysia.
Hao, S., Borgolte, K., Nikiforakis, N., Stringhini, G., Egele, M., Eubanks, M., Krebs, B., & Vigna, G. (2015). Drops for stuff: An analysis of reshipping mule scams. Proceedings of the ACM Conference on Computer and Communications Security, 2015-Octob, 1081–1092. https://doi.org/10.1145/2810103.2813620
Hope, A. (2020). Worldwide crackdown on money laundering ʻ mules ʼ : 422 arrests. The Brussels Times. https://www.brusselstimes.com/news/eu-affairs/143514/worldwide-crackdown-on-money-laundering-mules-422-arrests/
Hulsse, R (2017). The money mule: Its discursive construction and the implications. Vanderbilt Journal of Transnational Law, 50, 1007-1032.
Hutchings, A. (2014). Crime from the keyboard: Organised cybercrime, co-offending, initiation and knowledge transmission. Crime, Law and Social Change, 62(1), 1–20. https://doi.org/10.1007/s10611-014-9520-z
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Kruisbergen, E. W., Leukfeldt, E. R., Kleemans, E. R., & Roks, R. A. (2019). Money talks money laundering choices of organized crime offenders in a digital age. Journal of Crime and Justice, 42(5), 569–581. https://doi.org/10.1080/0735648X.2019.1692420
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Mills, C. (2017). Predictive analytics in fraud and AML. Journal of Financial Compliance, 1(1), 17–26. https://www.ingentaconnect.com/content/hsp/jfc/2017/00000001/00000001/art00003
Misman, N., Adnan, H. M., & Firdaus, A. S. (2019). ‘The devil other’: crime news discourses and foreign nationals in Malaysia. Jurnal Pengajian Media Malaysia, 20(1), 1–13.
Moiseienko, A., & Kraft, O. (2018). From Money Mules to Chain-Hopping Targeting the Finances of Cybercrime. Retrieved from https://rusi.org/sites/default/files/ 20181129_from_money_mules_to_chain-hopping_web.pdf
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Peterson, B. (2013). Red flags and black markets: Trends in financial crime and the global banking response. Journal of Strategic Security, 6(3), 298–308. https://doi.org/10.5038/1944-0472.6.3s.28
R Leukfeldt and E. R. E Kleemans. (2018). Cybercrime, money mules and situational crime prevention: Recruitment, motives and involvement mechanisms. In S. Hufnagel & A. Moiseienko (Eds.), Criminal Networks and Law Enforcement (pp. 75–89). Routledge. https://doi.org/10.4324/9781351176194
Raza, M. S., Zhan, Q., & Rubab, S. (2020). Role of money mules in money laundering and financial crimes a discussion through case studies. Journal of Financial Crime, 27(3), 911–931. https://doi.org/10.1108/JFC-02-2020-0028
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Roks, R. A., Leukfeldt, E. R., & Densley, J. A. (2021). The Hybridization of Street Offending in the Netherlands. The British Journal of Criminology, 61(4), 926–945. https://doi.org/10.1093/bjc/azaa091
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Schneider, F., & Windischbauer, U. (2010). Money laundering: some facts (No. 25; Economics of Security Working Paper).
Simpson, A. (2019). The role of transaction monitoring in ongoing monitoring: AML compliance programmes in Canada. Journal of Financial Compliance, 2(2), 165–175.
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Cash Threshold Reporting under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), (2018).
Chan, D (2020). Beware of scammers, IGP warns Prihatin aid recipients. New Straits Times. https://www.nst.com.my/news/nation/2020/04/581915/beware-scammers-igp-warns-prihatin-aid-recipients
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Edwards M, Suarez-Tangil G, Peersman C, Stringhini G, R. A. and Whitty, M. (2018). The Geography of Online Dating Fraud. Workshop on Technology and Consumer Protection. https://doi.org/https://doi.org/https://www.ieee-security.org/TC/SPW2018/ConPro/
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European Banking Federation. (2020). 422 arrested and 4,031 money mules identified in global crackdown on money laundering. European Banking Federation. https://www.ebf.eu/ebf-media-centre/422-arrested-and-4-031-money-mules-identified-in-global-crackdown-on-money-laundering/
Europol. (2015). Money muling. Retrieved September 15, 2021, from https://www.europol.europa.eu/crime-areas-and-trends/crime-areas/forgery-of-money-and-means-of-payment/money-muling
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Europol. (2017). 159 Arrests and 766 Money Mules Identified in Global Action Week Against Money Muling. Retrieved from https://www.europol.europa.eu/newsroom/news/159-arrests-and-766-money-mules-identified-in-global-action-week-against-money-muling
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Europol. (2019). 228 arrests and over 3800 money mules identified in global action against money laundering. Europol. https://www.europol.europa.eu/newsroom/news/228-arrests-and-over-3800-money-mules-identified-in-global-action-against-money-laundering
FATF. (2014). Risk-based approach guidance for the banking sector. In Financial Action Task force. https://doi.org/10.4324/9781351051224-5
Financial Action Task Force (1999). What is money laundering. Policy Brief July 1999.
Financial Intelligence and Enforcement Department. (n.d.). Compliance officer’s roles and responsibilities. Bank Negara Malaysia. https://amlcft.bnm.gov.my/document/DNFBP/infographic/ii INFOGRAPHIC COMPLIANCE OFFICER%27S ROLE & RESPONSIBILITIES.pdf
Financial Services Act 2013, (2013). Retrieved from http://www.bnm.gov.my/index.php ?ch=en_legislation&pg=en_legislation_act&ac=221&full=1&lang=en
Financial Transactions and Reports Analysis Centre of Canada. (2021). Money Laundering and Terrorist Financing Indicators—Securities dealers. https://doi.org/10.4324/ 9781003133636-12
Foy, K. (2021). Suspected ‘money mule’ (22) arrested as part of operation into €1.1m fraud. The Independent. https://www.independent.ie/news/suspected-money-mule-22-arrested-as-part-of-operation-into-11m-fraud-40151151.html
Gee, J., & Button, M. (2021). The financial cost of fraud 2021. In Crowe. http://eprints.port.ac.uk/3988/
Golin, S. H. (2019). Fraud continues ‘inexorable’ rise in the UK as new annual figures show 6% increase. CIFAS. https://www.cifas.org.uk/newsroom/fraudscape-2019-release
Hadzman, M. (2019). Penjenayah siber kaut RM5.2 billion. Utusan Malaysia.
Hao, S., Borgolte, K., Nikiforakis, N., Stringhini, G., Egele, M., Eubanks, M., Krebs, B., & Vigna, G. (2015). Drops for stuff: An analysis of reshipping mule scams. Proceedings of the ACM Conference on Computer and Communications Security, 2015-Octob, 1081–1092. https://doi.org/10.1145/2810103.2813620
Hope, A. (2020). Worldwide crackdown on money laundering ʻ mules ʼ : 422 arrests. The Brussels Times. https://www.brusselstimes.com/news/eu-affairs/143514/worldwide-crackdown-on-money-laundering-mules-422-arrests/
Hulsse, R (2017). The money mule: Its discursive construction and the implications. Vanderbilt Journal of Transnational Law, 50, 1007-1032.
Hutchings, A. (2014). Crime from the keyboard: Organised cybercrime, co-offending, initiation and knowledge transmission. Crime, Law and Social Change, 62(1), 1–20. https://doi.org/10.1007/s10611-014-9520-z
Kadir, R. (2012). Cheating Offences and Punishment: a Malaysian Perspective. OIDA Internaltional Journal of Sustainable Development, 3(1), 11–20.
Kruisbergen, E. W., Leukfeldt, E. R., Kleemans, E. R., & Roks, R. A. (2019). Money talks money laundering choices of organized crime offenders in a digital age. Journal of Crime and Justice, 42(5), 569–581. https://doi.org/10.1080/0735648X.2019.1692420
Leukfeldt, E. R. (2014). Cybercrime and social ties: Phishing in Amsterdam. Trends in Organized Crime, 17(4), 231–249. https://doi.org/10.1007/s12117-014-9229-5
Levi, M., & Reuter, P. (2006). Money laundering. Crime and Justice, 34(1), 289-375.
Lewis, D. (2021). Covid-19 and the Changing Money Laundering and Terrorist Financing Risk Landscape. Financial Action Task Force. https://www.fatf-gafi.org/publications/fatfgeneral/documents/mena-reg-tech-2021.html
Lukito, A. S. (2016). Financial intelligent investigations in combating money laundering crime: An Indonesian legal perspective. Journal of Money Laundering Control, 19(1), 92–102. https://doi.org/10.1108/JMLC-09-2014-0029
Mills, C. (2017). Predictive analytics in fraud and AML. Journal of Financial Compliance, 1(1), 17–26. https://www.ingentaconnect.com/content/hsp/jfc/2017/00000001/00000001/art00003
Misman, N., Adnan, H. M., & Firdaus, A. S. (2019). ‘The devil other’: crime news discourses and foreign nationals in Malaysia. Jurnal Pengajian Media Malaysia, 20(1), 1–13.
Moiseienko, A., & Kraft, O. (2018). From Money Mules to Chain-Hopping Targeting the Finances of Cybercrime. Retrieved from https://rusi.org/sites/default/files/ 20181129_from_money_mules_to_chain-hopping_web.pdf
Nixon, G. (2021). Generation Covid targeted by criminals on social media to become money mules and launder money with the lure of easy cash, bank warns. This IIs Money. https://www.thisismoney.co.uk/money/beatthescammers/article-9355521/Money-mules-pandemic-lured-young-adults-in.html
Nordin, R. (2020, June 4). Syndicates use account mules. The Star. https://www.thestar.com.my/news/nation/2020/06/04/syndicates-use-account-mules
Peterson, B. (2013). Red flags and black markets: Trends in financial crime and the global banking response. Journal of Strategic Security, 6(3), 298–308. https://doi.org/10.5038/1944-0472.6.3s.28
R Leukfeldt and E. R. E Kleemans. (2018). Cybercrime, money mules and situational crime prevention: Recruitment, motives and involvement mechanisms. In S. Hufnagel & A. Moiseienko (Eds.), Criminal Networks and Law Enforcement (pp. 75–89). Routledge. https://doi.org/10.4324/9781351176194
Raza, M. S., Zhan, Q., & Rubab, S. (2020). Role of money mules in money laundering and financial crimes a discussion through case studies. Journal of Financial Crime, 27(3), 911–931. https://doi.org/10.1108/JFC-02-2020-0028
Redhead, M. (2021). The Future of Transaction Monitoring: Better Ways to Detect and Disrupt Financial Crime (Issue May). https://doi.org/10.2139/ssrn.3865131
Roks, R. A., Leukfeldt, E. R., & Densley, J. A. (2021). The Hybridization of Street Offending in the Netherlands. The British Journal of Criminology, 61(4), 926–945. https://doi.org/10.1093/bjc/azaa091
Sackett, C. (2016). Neighborhoods and Violent Crime. U.S Department of Housing and Urban Development. https://www.huduser.gov/portal/periodicals/em/summer16/highlight2.html
Sarigul, H. (2013). Money laundering and abuse of the financial system. International Journal of Business and Management Studies, 2(1), 287–301.
Say, M (2021). City of London Police to update fraud and cyber. Retrieved from https://www.ukauthority.com/articles/city-of-london-police-to-update-fraud-and-cyber-crime-reporting-system/
Schneider, F., & Windischbauer, U. (2010). Money laundering: some facts (No. 25; Economics of Security Working Paper).
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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: 03 oct. 2023.
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