Middle-aged individuals increasingly involved in money muling

The number of bank accounts closed due to suspected money mule activity has risen significantly, with a notable increase among individuals in their 40s, according to the Financial Conduct Authority (FCA). Financial firms shut down 238,396 such accounts in 2025, an increase from 184,935 in 2023.

Rise in Middle-Aged Suspects

Within this trend, account closures linked to customers aged between 40 and 49 saw a substantial rise, reaching 37,274 in 2025 compared to 25,760 in 2024. While account closures were most common among customers aged 26 to 39, the sharpest percentage increase was observed in the 40 to 49 age bracket. Customers aged 21 and under also constituted a significant proportion of these closures. The FCA noted that suspected mule account closures were more concentrated among younger customers at challenger banks, whereas retail banks reported a more even distribution across age groups.

Personal accounts accounted for approximately 92% of all account closures related to suspected money mule activity between 2023 and 2025. Where gender data was available, men comprised around two-thirds of suspected mules, a proportion that remained stable over the three-year period.

Scale of Money Laundering

Money mules are individuals who receive or transfer funds on behalf of criminals, helping to move or disguise money obtained from illegal activities. The National Crime Agency (NCA) estimates that over £100 billion is laundered annually through the UK or its corporate structures. The FCA review highlighted that criminals often use a chain of multiple accounts to move fraudulent funds, with proceeds frequently passing through two to five mule accounts before being cashed out.

The FCA cautioned that the data has limitations, as some firms did not collect comprehensive data, and some customers did not disclose relevant information. Consequences for individuals involved in money muling can be severe, including difficulties accessing future banking services, obtaining credit, and facing criminal prosecution.

Industry and Regulator Response

Steve Smart, executive director of enforcement and market oversight at the FCA, stated that money muling is a crime with victims, making it harder to recover stolen cash and aiding criminals. He urged the public to be wary of unsolicited contact, particularly online, asking them to funnel money through their accounts. Smart emphasised that while financial firms are taking action, collaboration between banks, law enforcement, technology companies, and consumers is essential to prevent individuals from being drawn into such criminal activity.

The FCA plans to continue monitoring firms' approaches through its supervisory work to ensure they are adapting to evolving money mule threats. The regulator also advised firms to enhance their understanding of how criminals move funds between accounts, both internally and externally, and to improve timely intelligence sharing to detect and disrupt mule activity earlier.