The virtual workshop on Detection and Prevention of Money Mule Accounts jointly organized with Fintelekt Advisory Services on August 29, 2024 was well attended, with participants from 12 countries and 31 institutions, including banks, regulatory bodies, consultancy firms, technology companies, and asset management companies.

The resource person for the workshop was Sharad Nair, empaneled trainer with Fintelekt. Karishma Dattani, Vice President – Projects, Fintelekt Advisory Services facilitated the programme.

Sharad explained the concept of money mules, including their types and how they aid criminals in money laundering and terrorist financing, either wittingly or unwittingly.

He discussed the recruitment methods and training processes used to engage money mules, shedding light on typical money mule networks.

Additionally, he covered the money laundering and terrorist financing risks posed to financial institutions by money mules. He discussed in detail various detection techniques financial institutions can deploy to stop money mules from misusing their organizations, and various ways to tackle them. He ended the workshop with proactive strategies and innovative approaches that can be utilised to safeguard organizations and their customers.

The session was highly interactive, with participants asking operational questions related to their day-to-day role in identifying and reporting money mule activity.

All participants received a Fintelekt-ABA Certificate of Participation for attending the virtual workshop.