The number of “money mule” scams i.e. where criminals approach bank customers with requests to have funds (often the proceeds of crime) paid into their accounts and often offer them a reward for the use of the account, is unfortunately on the rise. In a press release dated 10 July 2023, the FSCA has warned financial customers to be extra cautious when approached regarding the use of their bank accounts or personal information. Participation in a money mule scam has the potential for serious repercussions – owners of bank accounts that are used to facilitate criminal activity may be charged and convicted of a crime, even if they unknowingly participate in such activity.

This could lead to imprisonment and/or the customer could be banned from having access to a bank account in future. Customers must adhere to safety guidelines communicated by financial institutions to avoid falling prey to money mule and other financial scams. See the full detail here.