What is it?

Did you know that allowing proceeds of crime to be laundered through your bank account is a criminal offence, even if you didn’t realise that it was happening?

Money laundering scams are straightforward but can have serious repercussions. Money laundering scams involve criminals persuading ordinary, law-abiding citizens to allow them the use of their bank accounts. They can give any number of reasons why they can’t open their own bank account, such as being a foreign national. Alternatively, they may persuade the victim to open a new bank account in their name and promise them a reward for their efforts.

The criminal will then deposit the proceeds of other crimes into this bank account to launder it. They will tell the account holder that it’s the legitimate profits of selling a car or a house, or rental income, for example.

How can you protect yourself?

• Never open a bank (or any financial) account in your name for someone else, no matter what reasons they provide.
• Don’t allow anyone else to use your bank account for their own deposits or withdrawals.
• If you suspect that your account is being used for money laundering, let the authorities know immediately.