The RBI on Friday asked banks to collaborate with its initiative MuleHunter.AI to weed out mule accounts which are used to commit financial fraud. “Use of money mule accounts is a common method ...

The Indian Banks’ Association (IBA) has raised concerns that the current legal framework delays quick action against ...

Banks are on the quest to get the authority from the RBI to freeze accounts that are ... Among the tools employed by criminals, money mule accounts play a critical role in disguising the origins ...

To combat cyber fraud via mule accounts, banks are urging for authority to freeze suspicious accounts swiftly, bypassing lengthy approval processes. The Indian Banks' Association suggests using AI and ...

Mule accounts are in violation of several rules ... Even Sebi and Reserve Bank of India (RBI) rules say such accounts should not be used. Advisory Alert: It has come to our attention that certain ...

Currently, banks can block accounts based on internal alerts. Mule accounts are often used by fraudsters to move illegal funds through the banking system. Although banks freeze many such accounts each ...

The Indian Banks’ Association (IBA) sought greater authority from the Reserve Bank of India (RBI) to freeze bank ... Users from the Menace of Money Mule Accounts.” For context, money ...

Minors of any age may be allowed to open and operate savings and term deposit accounts through his/her natural or legal guardian, the RBI said in a circular addressed to commercial banks and ...

"In light of this, we may propose this as a suggestion for further consideration by the RBI," the report stated. Mule accounts -- those used by cybercriminals to move stolen or illegal money ...