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.
