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Safeguard Your Finances Against Money Mules

The phenomenon of money mule networks represents a pervasive global issue, facilitating the transfer of substantial sums of illegal funds between accounts. These mules represent a variety of backgrounds, ages, and genders, often skewed towards the younger demographic. Criminals tempt them with seemingly legitimate job offers or exploit their involvement in illegal activities to lure them into the scheme. In times of crisis, such as the COVID-19 pandemic, these criminals exploited the large pool of unemployed individuals for their schemes. While vulnerable individuals with criminal backgrounds may be targeted, criminals also hire those without any prior records to avoid suspicion.

The evolving and increasingly sophisticated tactics of money mules have prompted financial institutions to broaden their focus. It is no longer sufficient to concentrate solely on deterring unauthorised funds from leaving their customers’ accounts. They are now equally attentive to the potential dangers of incoming payments that money mules could exploit.

Due to the significant threat that money mules pose, any organisation involved financial transactions of high value or frequency, must adapt their Anti-Money Laundering and Counter-terrorism Financing (AML/CFT) compliance practices to effectively detect and prevent these illicit methods.

eBOS’ WiseBOS Transaction Monitoring (TrM) stands out as a premier software solution. This state-of-the-art solution evaluates an entity’s transactions and economic profile, effectively identifying potential risks at both the transaction and the entity level. This solution enables the detection of suspicious financial activities through robust screening mechanisms. With its automated controls, WiseBOS Transaction Monitoring (TrM) offers real-time monitoring, alerting, and assessment of clients’ financial transactions and profile.

Through WiseBOS TrM, the system initiates immediate responses to triggered rules, such as transaction blocking or temporary holds, and alerts the company’s Fraud Officer to review the alert and take further actions if required. The solution offers the flexibility to apply multiple distinct sets of custom rules to different entities, considering factors such as jurisdiction, risk level and many more.

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