Firms closed 238,396 suspected money mule accounts in 2025
UK financial institutions shut down 238,396 suspected money mule accounts in 2025, according to an FCA review. The survey of 35 firms found organized criminal groups increasingly route illicit funds through multiple accounts before cashing out.
Rising closures across retail banks
The Financial Conduct Authority (FCA) reported that account closures rose from 184,935 in 2023 and 233,269 in 2024 to 238,396 in 2025.
Across age demographics, closures were highest among customers aged 26 to 39, totaling 91,073 accounts.
Customers aged 25 and under accounted for 85,425 closures, while those aged 40 to 49 experienced the fastest increase, climbing to 37,274 from 25,760 in 2024.
The survey encompassed 35 retail banks, building societies, challenger banks, payment institutions and e-money institutions.
The regulator noted that the National Crime Agency estimates more than £100 billion is laundered annually across the UK.
Chains of layered transactions
Criminals routinely layer illicit funds through multiple accounts, typically cashing out between the second and fifth bank in the chain.
Card payments serve as the primary cash-out method via low-value transactions or retail spending.
“Money muling is a crime and it's not victimless,” Steve Smart, FCA executive director of enforcement, said.
A public-private cell examining 140 cases across 22 firms identified established criminal infrastructure rather than isolated events.
Tactical wins, strategic gaps
Record account closures demonstrate sharper detection, yet late cash-outs expose persistent monitoring gaps.
Banks remain largely reactive as organized networks hop smoothly between institutions.
Without instant cross-firm data sharing, shutting mule accounts merely displaces the laundering pipeline.