AML/CFT Programs & Student Account Risk
Student accounts have a high risk for misuse, not necessarily because students are inherently risky, but because criminals exploit their limited financial experience, digital-payment habits, and social media exposure.
Student accounts combine high transaction volume, digital-payment reliance, and limited financial history, making them attractive for misuse by criminals. They are frequently targeted for money mule recruitment, fraud proceeds movement, and social-media-driven scams.
During our September AML/CFT Membership Group meeting, Kevin discussed student accounts and what financial institutions should consider with respect to their AML/CFT efforts.
Published 2026/10/14
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).