UK financial firms closed 238,396 suspected money mule accounts in 2025, according to an FCA survey published on September 23.
What the FCA found
The FCA release reports closures rising over three years: 184,935 in 2023, 233,269 in 2024 and 238,396 in 2025. The regulator says a rise could reflect broader customer growth alongside better detection, and does not necessarily mean mules make up a larger share of firms’ business.
By age, closures were highest among customers aged 26 to 39 (91,073). The sharpest increase was among customers aged 40 to 49, from 25,760 in 2024 to 37,274 in 2025. Customers aged 25 and under accounted for 85,425 closures.
The FCA also found that criminals usually cash out between the second and fifth account in a chain, by which point payments are harder to detect and trace. Some accounts were used repeatedly for mule activity before firms shut them down, which the FCA says points to established criminal infrastructure. It cites a National Crime Agency estimate that more than £100bn is laundered through the UK or UK corporate structures each year.
Why it matters
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “It’s good that financial firms are taking action on mules, but banks, law enforcement, technology companies and consumers all have a role to play in stopping people being drawn into criminal activity.” The FCA is working with industry on an action plan that includes better intelligence sharing between firms and law enforcement.
Our read
This part is our analysis. If cash-out typically happens between the second and fifth account, the first receiving account is where a payment is easiest to stop. For related reading, see our report on IPID’s $16M raise and our note on the FCA’s crypto fraud repayment order.
Source: FCA
