The Financial Conduct Authority (FCA), the UK’s financial regulator, has reported a significant rise in the number of bank accounts being closed due to suspected involvement in money muling. Money mules are individuals who unknowingly or intentionally help transfer illicit funds, often through bank accounts or digital wallets. In 2025, 238,396 accounts were closed for this reason, up from 184,935 in 2023 and 233,269 in 2024. While the rate of closures slowed in the final year of the three-year period, the overall trend shows a growing concern about the issue. The majority of account closures linked to money mule activity involved personal accounts, with 92% of cases between 2023 and 2025 attributed to individual customers. The highest number of closures were among people aged 26 to 39, but the most significant increase was seen in those aged 40 to 49. In 2025, 37,274 closures were linked to this age group, compared to 25,760 in 2024. Younger customers, particularly those under 21, also made up a notable portion of the closures. The FCA’s review found that younger customers at challenger banks—smaller, newer banks—were more likely to be involved in suspected mule activity, while retail banks saw a more even spread across age groups. When gender data was available, around two-thirds of those suspected of being money mules were men, a figure that remained consistent over the three-year period. The FCA warned that the data has limitations, as not all financial firms collected the necessary information, and some customers did not disclose their details. The National Crime Agency (NCA) estimates that over £100 billion is laundered annually through the UK or UK-linked structures, with money mules playing a key role in moving these funds. Many mules are unaware of the illegal nature of their actions, often lured by the promise of quick money through what appears to be a legitimate job or a favor. Criminals often move stolen funds through a network of multiple accounts, sometimes using card payments for many small transactions or cryptocurrency for fewer but higher-value transfers. Some accounts were used repeatedly for mule activity before being shut down, indicating an organized criminal network rather than isolated cases. The FCA stressed the importance of understanding these methods to detect and disrupt such activity. Timely sharing of information between financial institutions can help identify patterns and stop money mules more effectively. Steve Smart, a senior FCA official, emphasized that money muling is not a victimless crime—it hinders the recovery of stolen funds and aids criminals in hiding their profits. People are urged to be cautious of unsolicited requests to move money through their accounts, as this can lead to legal consequences. The FCA advises against sharing financial details with unknown individuals and will continue to monitor banks to ensure they adapt to evolving threats.