File ID: CFTC-PR-8908-24 Date: May 13, 2024 Accessed: June 20, 2024 Headline: Commodity Futures Trading Commission Warns Students and Job Seekers Not to Become “Money Mules” Source: https://www.cftc.gov/PressRoom/PressReleases/8908-24 Categories: AGENCY ADVISORIES CFTC ADVISORIES MONEY MULE CFTC-PR-8908-24 – Viewer: ▼▼▼ (Download PDF File ⊗)
Category: Money Mule
According to regulatory authorities, a “Money Mule” is an individual who, often unwittingly, transfers illegally obtained money between different accounts or countries on behalf of others. These individuals are typically recruited by criminal organizations or scammers under false pretenses, such as fake job offers or romantic relationships, to receive funds into their bank accounts. Money mules then transfer these funds, keeping a portion as instructed, thereby laundering money and helping criminals evade detection. Regulatory authorities emphasize that participating in such activities is illegal and can lead to severe legal consequences, including criminal charges for money laundering and financial fraud, even if the mule was unaware of the illicit origins of the funds.
- FBI.gov – Money Mules
- CONSUMERFINANCE.gov – What is a Money Mule?
- JUSTICE.gov – Money Mule Initiative
- CISA.gov – Understanding and Protecting Yourself Against Money Mule Schemes (PDF)
- OIG.DOL.gov – Money Mule Awareness Campaign (PDF)
- IRS.gov – Warns US taxpayers about money mule networks
- IC3.gov – Money Mules: A Financial Crisis
- FTC.gov – What’s a money mule scam?
- USPIS.GOV – Money Mule