Proceeds of fraud - Detecting and preventing money mules

The FCA have shared key findings from their review of payment account providers’ systems and controls against money mule activity. They expect firms to learn from it. We can’t say it better than the FCA say themselves….

“We expect payment account providers to consider their own organisation’s arrangements, systems and controls against our findings. It is vital that firms have a proactive approach to identifying and swiftly remedying any weaknesses identified in their anti-fraud systems and controls. Firms should have proportionate and adequate systems and controls to mitigate the risk of money mules.”

So here’s the gap analysis to help you meet these clear regulatory expectations.

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