The Royal Monetary Authority of Bhutan through our surveillance has recently observed cases of `Mule Account and `Money Mule` in operations in the financial sector. A `Mule Account` is a bank account belonging to a legitimate person who has allowed another person to use/operate the banking transactions. The process of allowing a bank account to be used by another person turns the legitimate bank account into a `Mule Account`. A `Money Mule` is a person who is recruited by another person to transfer or illegally transfer money on another person’s behalf, either for a fee/commission in return. A `Money Mule` is not aware of either the source of funds or the use of funds, for which they could be liable for prosecution in the court of law as a part of a fraud or money laundering activities carried out in violation of the law in vogue.
The Royal Monetary Authority would like to issue the following cautionary note to the general public:
The RMA would like to solicit kind cooperation and assistance from the general public.