 "All you wanted to know about banking frauds")
Between 2010 and 2017, a number of Indian banks participated in money transfers (both inbound and outbound) that had been red-flagged by the US Treasury’s arm, Financial Crimes Enforcement Network (FinCEN), for suspected money laundering and financial fraud.
At the individual level, many people are motivated by greed and willing participants in such crimes. Sometimes, a person can also become an unwitting participant in a money-laundering operation.
Someone who allows his bank account to be used for money laundering is referred to as a ‘money mule’. Says Prashant Mali, president and founder, Cyber Law Consulting: “A money mule is a person whose
