AML Insights

Report

The problem of money laundering and mule networks is not a new one. For years, people involved in organised crime have endeavoured to set up accounts for the express purpose of moving the proceeds of crime through a network, in order to obscure their source, extract funds and make recovery by Financial Institutions (FIs) nearly impossible.

Mule networks are a collection of linked accounts belonging either to individuals or businesses which are used — sometimes without the knowledge of the account owner — to move the proceeds of crime. This is a process known as money laundering.

Until now, getting a complete picture of how these networks operated and how vast and connected they might be was extremely difficult, since the number of FIs with accounts involved in a typical illegal transaction, and the total number of payments used to disperse funds, were substantial enough to make piecing together the data slow and impractical.

Part of the reason for the rise and success of money launderers and mule networks is the speed at which modern instant payment systems enable money to be both received and sent. People and businesses benefit from the speed and convenience of transferring money 24/7; unfortunately, criminals are also quick to leverage the benefits to fund their activities and launder money.

Money stolen from people, businesses and government departments is quickly moved through payment systems, making it harder to trace the further it moves away from the victim’s account. As a result, many existing old-technology or manual anti-money laundering processes.

Vocalink has overlaid payments data with cutting-edge data science techniques to develop a truly ground-breaking solution to address the issue of money laundering and mule networks.

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AML Insights

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