Austrac financial crime guide on ‘money mules’

AUSTRAC has released a new financial crime guide to help businesses identify and report suspicious activity related to criminal networks targeting vulnerable international students and temporary residents as money mules.

A money mule is someone who transfers or moves illegally-acquired money on behalf of someone else.

Money mules can move funds in various ways, whether physical cash, bank account transfers, obtaining and depositing cashier’s cheques, digital currency, use of prepaid debit cards, or via remittance service providers.

Money mules may move money using a personal or company bank account, or someone else’s account, or may be instructed to register a company and then open a business bank account.

Criminal networks are known to target international students and other temporary residents as money mules, offering them a way to make money while living in Australia.

The guide sets out individual and financial indicators of mule activity, including for cash couriers, fraud and scam-related mule activity, casino money mules and cryptocurrency money mules.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.