Money Laundering

Avoid becoming a money-laundering mule

While drug mules are used to transport illegal substances across borders, money-laundering mules use money laundering to hide the source and destination of money. 

Fraudsters use different tactics to get access to legitimate accounts so that they can launder their crime proceeds. Some of these include offering you employment and requesting you to open an account, only to hand over your bank card and PIN to the fraudsters, or offering you a few dollars to allow someone to make a large deposits and withdrawals from your account. Remember, if you hand over your account for transactions linked to money laundering, you could face criminal prosecution with severe consequences. 

Tips to prevent money laundering 

• Ask about the origin of funds. If you notice an unexpected deposit in your account, ask your banker or your nearest Nedbank branch where the money came from.
• Be responsible with your account. Remember that your account is your responsibility, which means that if it is used to move the proceeds of crime, you cannot claim ignorance in the eyes of the law.
• Don't be a middleman. Do not allow your account to be used by someone else to deposit and then withdraw funds. You should always be wary of any requests to move funds through your account, regardless of how legitimate it appears.
• Be aware of money laundering scams. A popular scam is where fraudsters trick you into opening a bank account with money they lend. They will pretend to offer you work, asking you to hand over your ATM card and PIN so that they can recover the funds they lent to you. This is a scam to get control of your bank account.