FCA reports rise in suspected money mule account closures

A review by the Financial Conduct Authority (FCA) reveals that criminals continue to use money mule accounts to move or disguise illicit funds despite significant efforts by financial institutions to close suspect accounts.

Reported offboarding of suspected money mule accounts rose over a three-year period, reaching 238,396 in 2025, up from 184,935 in 2023 and 233,269 in 2024. Personal accounts accounted for approximately 92% of these closures. While account closures were most frequent among customers aged 26 to 39, the sharpest increase was observed in the 40 to 49 age group, which saw closures rise from 25,760 in 2024 to 37,274 in 2025.

Data indicates that suspected mule activity is more concentrated among younger customers at challenger banks, whereas retail banks show a more even distribution across age groups. Approximately two-thirds of suspected mules identified were men. The National Crime Agency (NCA) estimates that more than £100 billion is laundered through the UK or UK corporate structures annually.