Edited by Sergio Silvestri

Money mules are one of the most effective methods of money laundering. Cybercriminals use "clean" accounts, and the pandemic has provided an unmissable opportunity to exploit people who were laid off during this period to turn them into "money mules," sometimes without their knowledge.
Money mules take money from a third party and illegally transfer it to another person, receiving a commission in return. This way, they launder money derived from drug smuggling, fraud, corruption, arms sales, and human trafficking. The money from the money mule's account is transferred to the third party's bank account, and the received funds are converted into cash. Finally, this currency is transformed into a virtual currency such as Bitcoin.
More specifically, money mules target social media accounts, online dating sites, business websites, and online ads. Criminals contact targeted individuals via email or social media, promising easy money. They ask them to open a new bank account so they can use it for money transfers. Account holders are asked to transfer the money to the person of their choice, and in return, they are paid a commission.
Countermeasures certainly include the implementation by banks of Know Your Customer (KYC) procedures to verify the beneficial owner.