Central Bank of Russia discussing exchange of data on 'money mules' with Belarus, Kazakhstan

ST. PETERSBURG. Sept 23 (Interfax) - The Central Bank of Russia is discussing the exchange of data on so-called first-level money mules with Belarus and Kazakhstan, Central Bank information security department director Vadim Uvarov told reporters.

A money mule is a bank client who provides a bankcard or bank account to fraudsters for laundering stolen funds or withdraws the cash in person, for which the money mule typically receives a fee. However, a money mule in certain cases could simply be misled and unaware that he has become an accomplice in a fraudulent scheme. Multiple money mules could be involved in a scheme, transferring funds between accounts. The first participant in the chain is referred to as a first-level money mule.

"We are exploring the possibility of implementing legal processes to streamline the exchange of information initially. The plan is to establish the exchange. We are currently in discussions with colleagues from Belarus and Kazakhstan, so the information would certainly be useful. However, it is crucial to understand that it makes sense to obtain the information exclusively from a first-level money mule," Uvarov said on the sidelines of the International Banking Forum organized by the Association of Banks of Russia.

"It has been unanimously determined that the initiative should be carried out on a bilateral basis from the perspective of a potential exchange. Namely, it would likely be impractical to distribute information to all participants in a four- or five-party exchange, thus we have opted for a bilateral format," Uvarov added.

The Central Bank last year announced plans to develop a centralized platform, Anti-drop, to disseminate information about suspicious transactions involving individuals to all Russian lending institutions. The goal of the platform is to sustain the downward trend in suspicious transaction volumes, prevent money mules (drops) from moving between banks, and eliminate the practice of splitting transactions into smaller amounts across multiple banks simultaneously to circumvent anti-money laundering procedures. The platform should be operational in the second half of 2027.