Money mule

Mm-hmm.

Speaking with the women, they're oblivious that they have been used as money mules, and that they too had-- would cash the checks, and then they were told to open up Bitcoin accounts, um, on their phones, and they would transfer the money from their bank accounts into the cryptocurrency.

Okay.

So it's the same scenario.

That is, um, an interesting twist, actually opening a business for this.

What, what else happened with, with that particular story?

So that was another one of those money mules that I-

Mm-hmm

... indication of where risks and threats and money laundering is happening.

Uh, I think Money Mules is a great example.

We've talked about that, uh, y- a lot, uh, today, but where you can actually start to stop the money laundering happening in the same way that you might have previously only been able to stop the fraud happening.

And so I think, you know, nobody would disagree that probably, I dunno, maybe somebody would dis- maybe Kevin will disagree with me, that, you know, I think that really makes the prevention element far more important, so I think you would probably move the whole kind of framework and regime and, and in particular the bits around kind of information intelligence sharing to that, more of that prevention focus.

The five vulnerabilities have been added to a broader list of flaws linked to cyber operations attributed to China-linked actors associated with Integrity Technology Group, a China-based cybersecurity company.

Leader of money mule operation pleads guilty.

Oleg Korneev, a 42-year-old dual citizen of Ukraine and Russia, worked as a principal of Your Mule Cash Out, which worked between 2007 and 2014, running a network of mules in the US, as well as in Europe and Australia.

The organization used websites for fake companies that advertised job opportunities.

So having different people in the room is definitely a must, not just people that write the regulation.

I saw an interesting concept, Hannes, on the report of money muling on the continent.

Mm.

I was fascinated by, by this.

Please explain it for us, especially when we take a look at who the owner of the crime is.

Yeah, I mean, money muling is basically when they make use of people to open up other bank accounts and, you know, send money to it that goes under the radar and, you know, you know, feeds on, you know, different activities, different, uh, terrorist groups or, you know, moving money out of systems.

So at the end of the day, it's gonna be the account holder that's gonna be the guy because he was ... you know, he played with the crime, and are you gonna be able to pinpoint the guy that coerced him in m- making use of that account? So that's b- that's also one of those areas where, you know, how do you pinpoint those final bad actors?

Natalia, as we wrap up the conversation, I'd just like for us to deal with the issue of compliance.

How are you doing?

We're talking about money mules and money laundering.

It's a very serious area, isn't it? Family members of mine who work in the world of finance.

Oh well, not in a bank.