Expert: Mule account operations exploit the vulnerable


PETALING JAYA: A mule account is a personal bank account used to collect the gains from illicit activities for criminals, says Prof Dr Mohamed Ridza Wahiddin.

The founder and patron of International Islamic University Malaysia’s Centre of Excellence for Cyber Security said accounts involved in laundering the proceeds of crime through the financial system are defined as mule accounts.

He said those facing financial problems are more susceptible to being enticed into “lending” their accounts.

“The usual targets for mule account holders are the youth, the elderly and the unemployed,” he said when contacted.

Bukit Aman Commercial Crime Investigation director Comm Datuk Seri Ramli Mohamed Yoosuf previously warned that those who are caught allowing others to use their bank accounts for illegal activities not only have to face legal repercussions but also risk having their accounts impounded or frozen.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Nation

Nenggiri polls: Gua Musang Umno submits names of three young prospective candidates
Rapid KL introduces MyCity two-day pass
Inability to meet fire safety standards among reasons for unregistered tahfiz centres
Sabah Bersatu secretary Abdul Kadir steps down
BN may go solo for GE16, says Tok Mat
Peja willing to give way to Hamzah to be Bersatu no. 2, says Muhyiddin
BTS' Jin to carry Olympic torch near Louvre Museum
Jakim files MCMC report over TikTok video calling for misfortune to befall PM, ministers
Online MM2H system being developed, says Tiong
Govt to install more EV charging stations, says Tengku Zafrul

Others Also Read