The FIU in the Isle of Man has produced a guide outlining 4 typologies illustrating money mule activity.  It also lists a number of indicator red flags –

  • Third parties appearing to control accounts;
  • Cash deposits or third-party credits immediately transferred to another third party;
  • Suspicious activity in branch which may indicate coercion or control of a vulnerable person;
  • Suspicious activity in branch, which may indicate illegal activity;
  • Exchanging currency – in particular Manx to UK notes (the Isle of Man has its own version of sterling in circulation alongside UK notes and coins);
  • References such as ‘loan’, ‘car purchase’ etc.;
  • Transfers to or from challenger banks such as Revolut, Monzo, Sterling and Tide, which may be multicurrency.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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