Finance firms have closed an increasing number of suspected mule accounts over the last three years: 238,396 suspected mules had their accounts closed in 2025, up from 184,935 in 2023 and 233,269 in 2024, says the UK regulator the Financial Conduct Authority (FCA). More account closures could reflect broader customer growth alongside improvements in identifying and acting on suspected mule activity, rather than necessarily meaning mules make up a higher proportion of firmsโ business.
The National Crime Agency (NCA) estimates more than ยฃ100bn is laundered through the UK or UK corporate structures each year. Money mule activity is one way criminals move these funds, by using peopleโs bank accounts to receive or transfer money on their behalf. Hence a recent launch of the Home Office’s Anti-Money Laundering and Asset Recovery Strategy.
According to the FCA, account closures were highest among customers aged 26 to 39 (91,073), while the sharpest increase was among customers aged 40 to 49 (37,274 in 2025 up from 25,760 in 2024). Customers aged 25 and under (85,425) also represented a significant proportion of closures. The regulator also found evidence that criminals moved fraudulent funds through multiple accounts, usually cashing out between the second and fifth account. By this stage, payments are harder to detect and trace, and shows that firms need to crack down on activity as early as possible.
Some accounts had been used repeatedly for mule activity before firms shut them down and had also been used for fraud. This points to an established criminal infrastructure rather than opportunistic, isolated incidents. The FCA, NCA, Home Office, the Treasury, HMRC and industry have nine system priorities (PDF)Link is external as part of the UKโs response to economic crime. The FCA is playing a role on the money mules priority by working with industry on an action plan to tackle the problem, including better ways for firms and law enforcement to share intelligence on suspected money mule activity.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “Money muling is a crime and it’s not victimless. It makes it harder to recover stolen cash and helps criminals move and hide the proceeds of serious offending. People should be wary of contact out of the blue, including via online channels, asking them to funnel money through their account as they could face prosecution. It’s good that financial firms are taking action on mules, but banks, law enforcement, technology companies and consumers all have a role to play in stopping people being drawn into criminal activity.”
FCA advice
If youโre approached out of the blue online with an offer of quick cash, then alarm bells should ring.ย For example scammers may call it a ‘job offer’ but no legitimate company will ask you to use your own bank account to transfer their money.ย The FCA adds that you should never give sensitive financial details to someone you donโt know and trust.
Students
The NCA says that most mules enabling these crimes are young. Around six in ten mules are under the age of 30, say police. Many criminals target their recruitment of mules at university or sixth form students, when young people most need their own money. More at the NCA website.
