Financial firms across the UK have shut down a record number of suspected money mule accounts, yet the Financial Conduct Authority (FCA), the country’s financial services regulator, has warned that organised criminal groups continue to route illicit funds through chains of accounts before withdrawing the cash.
Findings from an FCA survey show that 238,396 suspected mules lost their accounts in 2025. That figure compares with 233,269 in 2024 and 184,935 in 2023, marking three consecutive years of rising closures.
The regulator cautioned that the upward trend does not automatically mean mules now represent a larger share of firms’ customer bases. Growth in overall customer numbers, combined with sharper detection and enforcement by firms, may account for much of the rise.
By age, those between 26 and 39 accounted for the largest volume of closures, at 91,073. The steepest year-on-year jump came from the 40 to 49 bracket, which climbed to 37,274 in 2025 from 25,760 the previous year. Customers aged 25 or younger also made up a substantial portion, with 85,425 closures.
The survey uncovered evidence that criminals pass fraudulent money through several accounts, typically withdrawing it somewhere between the second and fifth account in the chain. At that point, transactions become far more difficult to identify and trace, underlining the need for firms to intervene at the earliest possible stage.
Some accounts had served as mule vehicles on multiple occasions before closure and had also been linked to fraud. According to the FCA, this pattern suggests a well-organised criminal network at work, rather than one-off or opportunistic behaviour.
Money mule activity involves criminals using other people’s bank accounts to receive or move funds on their behalf. The National Crime Agency (NCA) estimates that over £100bn is laundered through the UK or UK corporate structures annually.
As part of the national response to economic crime, the FCA, NCA, Home Office, the Treasury, HMRC and industry are jointly driving nine system priorities. The FCA holds a central role in the money mules priority, collaborating with industry on an action plan that includes improved channels for firms and law enforcement to exchange intelligence on suspected mule activity.
FCA executive director of enforcement and market oversight Steve Smart said, ‘Money muling is a crime and it’s not victimless. It makes it harder to recover stolen cash and helps criminals move and hide the proceeds of serious offending. People should be wary of contact out of the blue, including via online channels, asking them to funnel money through their account as they could face prosecution.
‘It’s good that financial firms are taking action on mules, but banks, law enforcement, technology companies and consumers all have a role to play in stopping people being drawn into criminal activity.’
Copyright © 2026 RegTech Analyst
Copyright © 2026 RegTech Analyst
