In Australia, an alarming trend involving “money mules” has come to light, with individuals renting out their bank accounts to facilitate the laundering of millions of dollars on behalf of criminals. The Australian Federal Police (AFP) and the Australian Banking Association are intensifying efforts to combat this issue, urging citizens to safeguard their banking information and refrain from lending their accounts.
Money mules, whether they are aware of their role or not, are targeted by organised crime groups to manage illicit funds, making them appear legitimate. These individuals may rent or sell their bank accounts for a fee, ranging from $200 to $500, along with a potential commission of approximately 10% on transferred funds. The use of genuine Australian bank accounts helps to obscure the origin of illegal money, complicating tracking efforts for authorities.
Criminals often recruit money mules via social media, messaging apps, online forums, advertisements, or in-person solicitations. Various scams, including job and romance schemes, are utilised to persuade individuals to grant access to their accounts. Recently, there has been a notable shift towards instructing these mules to handle funds through cryptocurrency exchanges and digital wallets, as such methods allow for quicker and more discreet transactions compared to traditional banking systems.
In these schemes, mules may be directed to withdraw cash and deposit it into a cryptocurrency ATM, effectively transferring illicit money to the networks controlled by criminals. Reports from Scamwatch indicate that Australians lost a staggering $141.7 million to scammers via bank transfers last year. The serious nature of these crimes carries severe penalties, with money laundering convictions in Australia potentially resulting in life imprisonment.
Detective Superintendent Marie Andersson of the AFP emphasises that money laundering underpins much of organised crime. She warns that renting or selling a bank account is illegal and contributes to the criminal ecosystem, noting that individuals unwittingly housing such funds may be linked to serious offences, including drug trafficking and terrorism. Anna Bligh, CEO of the ABA, highlights that accounts used for these purposes are integral to a scammer’s operations, with banks actively working to eliminate these mule accounts.
The public is urged to be vigilant and cautious if approached to rent or sell their accounts, as these offers often mask attempts to exploit individuals for criminal gains. For anyone concerned that their identity may have been compromised, they are encouraged to contact IDCARE, the national identity and cyber support service, for assistance and guidance.
In summary, Australians are advised to appreciate the risks associated with money mule activities and to protect their banking details to help combat this growing criminal problem.