Over 9,600 mule accounts face action as detection rises by 149pct

KUALA LUMPUR: More than 9,600 mule accounts have been targeted, while detection by financial institutions has increased by 149 per cent since the National Fraud Portal (NFP) was introduced in April 2024.

Prime Minister Datuk Seri Anwar Ibrahim said Bank Negara Malaysia (BNM) was enhancing collaboration with the National Scam Response Centre (NSRC) through the NFP to speed up the tracing of stolen funds, identify mule accounts and improve information sharing with enforcement agencies.

"Improvements are being made to strengthen fraud detection and prevention capabilities in line with the evolving tactics of financial crime syndicates," he said in a written parliamentary reply to Chong Chieng Jen (PH-Stampin).

Anwar, who is also finance minister, said BNM imposed regulatory requirements on banks, digital banks and e-wallet operators to prevent their services from being exploited for financial crimes.

Financial institutions must also identify suspicious transactions, report suspected mule accounts and act immediately to prevent fund transfers in accordance with established standard operating procedures.