Middle-aged Britons driving surge in money mule accounts as 238,000 bank closures expose £100bn laundering crisis

From the Newshound archive · first published 23 September 2026 · last updated 24 September 2026.

The sharpest rise in suspected money mule account closures is now coming from Britons in their 40s, with the 40-49 age group jumping from 25,760 closures in 2024 to 37,274 in 2025, according to FCA survey data. UK financial firms shut 238,396 suspected mule accounts in total last year, up from 184,935 in 2023. The FCA warned that criminals are running established networks — not opportunistic schemes — using forged documents and deepfakes to open accounts and bypass identity checks.

The National Crime Agency puts annual money laundering through the UK, including via UK corporate structures, at more than £100bn.

In a typical chain, criminals pull out their funds after two to five mule accounts have handled the money, making it progressively harder for banks to follow the trail — the FCA is pressing firms to flag suspicious activity earlier in the process.

FCA enforcement chief Steve Smart warned that money muling is a crime carrying the risk of prosecution, urging people to reject any unsolicited approach asking them to move cash through their accounts.