The Financial Conduct Authority (FCA) reported on September 23, 2026, that financial firms must strengthen their anti-money laundering (AML) frameworks to better detect money mule activity. The FCA noted that 238,396 suspected money mule accounts were closed in 2025, an increase from 184,935 in 2023.
The FCA's findings rely on its survey of 35 retail banks, building societies, challenger banks, payment institutions, and e-money institutions. The FCA emphasized the need for these entities to enhance their efforts in identifying and acting on suspicious activities related to money laundering.
The FCA highlighted that organized criminal groups continue to exploit multiple bank accounts to launder money. The FCA is collaborating with the National Crime Agency, the Home Office, and other entities to address this issue through an action plan focused on intelligence sharing and proactive measures.
The FCA's report indicates that money laundering through money mule networks is a significant issue, with the National Crime Agency estimating over £100 billion laundered annually in the UK. The FCA's strategic priority includes combating financial crime, particularly through improved detection of money mule activities.