"Horse Account": A financial trap you may not be aware of.

In finance and banking, the term "horse account" is familiar and is often thrown around when discussing money laundering or other illegal financial activities. But for many people, This term may not be clear. So, this article will take you to learn about horse accounting, its meaning, and how to use it. and related risks

What is a horse account?

Horse Account refers to a bank account opened by an individual. but is used by other people. Horse accounts are mostly used for illegal activities such as money laundering, and fraudulent transfers. or transactions that need to evade inspection by relevant agencies

Using a horse account

1. Money laundering: The perpetrators take money obtained from illegal activities into the banking system through horse accounts. Then transfer money to other accounts. To make the source of the money look normal
2. Financial fraud Horse accounts are often used in internet scams, such as deposit transfer scams. or buying counterfeit products
3. Tax avoidance Using a Horse Account to Transfer Money Overseas or to hide income from the audit of tax authorities.

How Horse Accounts Work: A Brief Summary

1. Open an account: Scammers find people to open accounts in their names. or use fake information to open an account
2. Transfer money: Receive money from illegal activities and transfer it to another account to hide the source.
3. Use money: Withdraw cash or use it to purchase goods and services to reduce your footprint.
4. Close Account: Discard an account when it is no longer useful or risks being investigated.

Risks and effects

Participating in the use of a horse account or being listed on a horse account, whether knowingly or not. May bring serious risks and legal consequences:

1. Being prosecuted Using a horse account as part of money laundering or fraud is against the law. Those involved may be arrested and prosecuted.
2. Financial investigation Horse accounts are the target of an investigation by various agencies. This may lead to the seizure of assets.
3. Financial damages People who open an account without realizing it is a horse account may be financially responsible or lose their property.

How to check horse account Prevent becoming a victim

1. Verify account information Check the history and reliability of a person or organization. Can be checked on the website. https://www.chaladohn.com/
2. Observe unusual behavior Watch for unusual or unusually high money movements.
3. Protect personal information Do not give personal information or important documents to untrustworthy people.
4. Use safe banking services Choose a bank that has anti-money laundering measures. and enable SMS or email notification services
5. Notify the bank immediately when abnormalities are found. Contact the bank immediately if you notice any unusual transactions.
6. Contact relevant agencies. If you suspect that your account has been used for money laundering Contact a money laundering agency such as AMLO for advice and assistance.

Following these steps will effectively prevent and reduce the risk of becoming a victim of horse accounting.

How to protect yourself from horse accounts

1. To avoid becoming a victim or participating in the use of horse accounts. You should follow these guidelines:
2. Check information before opening an account. If someone asks to open an account in your name Check the information and reliability of the requester.
3. Maintain personal information Do not give personal information or important documents to untrustworthy people.
4. rack account movements Check your bank account movements regularly. If abnormalities are found You should notify the bank immediately.

Horse accounting is a serious problem and carries many legal and financial risks. Understanding what a horse account means and how to use it will help you protect yourself and deny participation in illegal activities. Remember to always verify and maintain the security of your personal information. To prevent becoming a victim of misuse of your horse account.