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12 hours ago · Nation. Wednesday, 10 Jul 2024. PROPOSED amendments to the law were tabled in Dewan Rakyat with the aim of clamping down on the use of mule accounts for illegal activities. The move is seen as a ...
What is a Mule Account? An account that is used to receive and transfer funds acquired illegally on behalf others. How does a scammer use a mule account? Scammers will contact the potential victims via emails, chat rooms, websites or social media and persuade them to receive money into their bank account.
Mar 28, 2024 · KUALA LUMPUR: The ease of acquiring mule accounts has made Malaysia a prime target for foreign syndicates seeking to launder their illicit funds to legitimise them.
1 day ago · KUALA LUMPUR: The government today approved amendments to the law to combat online financial fraud crimes, including the alarming issue of account mules in the country. Up to 7 years jail, RM100,000 fine for account mules under proposed amendments to law | New Straits Times | Malaysia General Business Sports and Lifestyle News
1 day ago · Section 424C(1) (Unlawful transactions using own account) Section 424C(2) (Unlawful transactions using someone else’s account). Punishment for account mules under the proposed amendments is Section 424B would see them punished with a fine between RM10,000 and RM100,000, or jailed between one and seven years, or both.
1 day ago · Under Section 424a, provisions are made for offences and penalties regarding the possession or control of any payment instrument of another person or any other person's account in a financial institution without lawful authority or legitimate purpose. Police nab mule account suspects; victims suffer RM24,480 loss.
What is a mule account? An account that doesn’t belong to the scammer but the scammer has access to, to receive and transfer stolen money while keeping their identity hidden. What happens to mule account holders? Anyone who holds a mule account could be: Detained for investigation. Fined, jailed for 5 years or both. Blacklisted by Maybank.
Dec 8, 2022 · You will be asked to open a mule account, which hides the criminals’ identities and helps them cover the money trail. Even without money mules setting up mule accounts, criminals may also use stolen identities to transfer illegal money. Here’s how they may launder money from one account to another: A money mule is recruited.
Feb 26, 2024 · Mule accounts are accounts used by online scammers to move funds and often the account holders are aware that their account is being used by a third party who pays them. But young...
A money mule is someone who transfers or moves illegally acquired money on behalf of someone else. Criminals recruit money mules to help launder proceeds derived from online scams and frauds or...
