Q59: How are "Money Mules" described in the context of banking operations?

Customers who frequently travel and conduct international wire transfers.

Third parties recruited by criminals to launder the proceeds of fraud schemes, such as phishing and identity theft.

Bank employees who collude with criminals to open fictitious accounts.

Customers who intentionally structure transactions to fall below reporting thresholds.

✅ Correct Answer: B

"Money Mules" are third parties recruited to launder fraud proceeds.

Recognizing this term is essential for the fraud prevention section of RBI KYC Guidelines MCQs.

Bank Promotion Exam Guide