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Money Laundering

When you conceal the source of money that is generated illegally through things like drug or human trafficking, smuggling, fraud and corruption, it's called money laundering.

Avoid becoming a money-laundering mule

While drug mules are used to transport illegal substances across borders, money-laundering mules use money laundering to hide the source and destination of their money.

Perpetrators use a number of different tactics to gain access to legitimate accounts so that they can launder their crime proceeds. Some of these include offering you employment and requesting you to open accounts, only to hand over your bank cards and PIN to the perpetrators, or offering you a few hundred rand to allow someone to make a large deposits and withdrawals from your account. Remember, if you hand over your account for transactions linked to money laundering, you could face criminal prosecution with severe consequences.

Tips to prevent money laundering

Ask about the origin of funds. If you notice an unexpected deposit in your account, make enquiries with your banker or your nearest Nedbank branch;

Be responsible with your account. Remember that your account is your responsibility, which means if it is used to move the proceeds of crime you cannot claim ignorance in the eyes of the law;

Don’t be a middleman. Do not allow your account to be used directly by another person to deposit and then withdraw funds. You should always be wary of any requests to roll funds through your account, regardless of how legitimate it appears; and

Be aware of money laundering scams. A popular scam is where a fraudster tricks you into opening a bank account with money they lend. They will pretend to offer you work, asking that you hand over your ATM card and PIN so that they can recover the funds they lent to you. This is a scam to get control of your bank account.