Money mules are people who agree to move stolen or illegally gained money through their accounts, or sell their active debit cards. They may do this illegal act unknowingly, causing them to play a part in fraud and money laundering.
How this could happen
You are contacted by someone who offers to pay you to receive money in your account and transfer it to another account, or to simply buy your active debit card.
Because it seems like an easy way to make some money, you receive the funds and transfer them, or sell your active card for a certain amount of money.
Under the Anti-Money Laundering Act (AMLA) Law R.A. No. 9160 as amended, even if you only served as an instrument to the illegal act, you can be blacklisted from obtaining financial services, imprisoned from 7 up to 14 years and fined not less than Php 3 million.
You have taken part in a criminal act, and you will be in trouble if the money trail is followed. Even if you didn’t know that it was “dirty money,” you will still be liable for fraud and money laundering.
Read more about how to avoid being a victim of the Money Mule scam and other scams in our tips page.
