… As reported previously by The Bureau in coverage of a sweeping FinTRAC warning on Chinese underground banking in Toronto, FinCEN is now raising similar alarms. The Treasury said so-called “money mules” often rely on falsified jobs and identities to gain access to the banking system, disguise unexplained wealth, and buy residential properties. In cases where these mules opened accounts, they frequently listed occupations such as “student,” “housewife,” “retired,” or “laborer” — roles that would not normally involve large volumes of financial activity — yet the accounts showed high-value deposits and transactions consistent with laundering.
