FCA multi-firm review on money mules

The useful part

On 23 September 2026, the Financial Conduct Authority (FCA) published its findings following a multi-firm review into money mule activity. Banks, building societies, payments institutions (PIs) and e-money institutions (EMIs). Reported offboarding, where firms closed suspected money mule accounts, rose over the 3-year period to 238,396 in 2025, but slowed in the final year.

How it works

• Analysis of how fraud proceeds move through the financial system.
• To build on the survey data and add an operational understanding of how money mules facilitate the movement and cashing out of fraud proceeds, the FCA established a public/private cell in 2025, a working...
• Professionals working in financial crime, compliance and fraud.
• Nearly half of suspected mule accounts were closed within a year: PIs and EMIs closed a higher proportion of accounts within the 6 months of the account being opened.
• Accounts that had been open for more than 3 years made up a greater share of closures at retail banks and building societies than at PIs and EMIs.</li...

Details worth keeping

Background The FCA's findings are based on its: Survey of financial services firms on suspected money mule activity. Offboarding increased between 2023 and 2025, but is now slowing: