Criminal organizations in El Salvador have found in new financial tools a way to move illicit money, a phenomenon that mainly affects vulnerable people and exposes weaknesses in corporate oversight. This was the warning from Walter Morales, a finance and risk specialist and director of the consulting firm Yancor Coaching & Mentory, in a conversation with Infobae.
To understand this scenario, it is helpful to define in simple terms what digital assets are. They are representations of value that exist only in electronic form, such as virtual currencies, transfers via mobile phone wallets, and any balance that moves through internet platforms.
Although these tools make everyday payments and collections easier, they also open the door for criminal networks to hide the illicit origin of their funds if companies lack adequate controls.
One of the mechanisms that has gained the most strength over the last five years involves recruiting citizens with low incomes or high debts to lend out their bank accounts or electronic wallets.
These individuals, known in financial jargon as "mules," receive deposits that they then transfer to other destinations or abroad in exchange for daily or monthly payments.
According to the specialist, the vast majority of those who fall into these traps do not realize they are committing a serious crime. "In terms of financial mules…
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A user manages a bank transfer from their mobile phone alongside US dollar bills and handwritten accounting notes. (Illustrative Image Infobae)Criminal organizations in El Salvador have found in new financial tools a way to move illicit money, a phenomenon that mainly affects vulnerable people and exposes control weaknesses in the corporate sector. This was warned by Walter Morales, a finance and risk specialist and director of the consulting firm Yancor Coaching & Mentory, in a conversation with Infobae. To understand this scenario, it is helpful to define in simple terms what digital assets are. They are representations of value that exist only in electronic form, such as virtual currencies, transfers through mobile phone wallets, and any balance that circulates through internet platforms. Although these tools streamline everyday collections and payments, they also open the door for criminal networks to hide the illicit origin of their funds if companies lack adequate controls. One of the mechanisms that has gained the most strength over the past five years involves recruiting citizens with low incomes or high debts to lend out their checking accounts or electronic wallets. These individuals, known in financial jargon as mules, receive deposits that they then transfer to other destinations or abroad in exchange for daily or monthly payments. According to the specialist, the vast majority of those who fall into these traps do not realize they are committing a serious crime. "In terms of financial mules, so to speak, out of ten people involved in a process, normally seven are women and three are men," Walter Morales explained to Infobae. The expert recalled that in a recent operation that resulted in 296 arrest warrants, 70% of those charged were female. A user confirms a bank transfer from their smartphone alongside several US dollar bills laid out on a table. (Illustrative Image Infobae)Added to this scheme is the fragmentation of money through family remittances and payment applications, where suspects divide small amounts, from 150 to 400 dollars, to recipients with no family ties. In addition, fictitious companies proliferate that hire local people as purported directors or legal representatives in order to cover up illicit activities and evade justice. The use of modern mechanisms such as artificial intelligence to monitor suspicious operations shows a notable gap in the country. About 30% of the sector, dominated by internationally capitalized banks, has automated systems to assess risks. In contrast, the remaining 70%, made up of: money transfer companies, importers, real estate firms, and small virtual asset operators, monitors its transactions manually or with basic spreadsheets. "The problem in this regard is not the cost of AI, but also the culture of data management. Because we cannot put AI where we do not have clean data," emphasized the director of Yancor Coaching & Mentory. For the analyst, the step prior to any automation requires structuring internal records and training staff to detect fraudulent patterns. Faced with this situation, Salvadoran law imposes various obligations that companies must comply with rigorously. Morales cited the Personal Data Protection Law, a statute that requires safeguarding users' identities against cyber theft. A date stamp and a paper receipt on a wooden table illustrate the administrative shift toward storing data on computer servers. (Illustrative Image Infobae)Although a legislative amendment eliminated the role of the protection delegate, the expert stressed that the requirements and criminal penalties remain fully in force for private entities. The legal framework of the Central American country also includes the Special Law against Cybercrimes and Related Offenses, linked to cybersecurity, and the Law on the Prevention, Control, and Punishment of the Crime of Money Laundering. The specialist recommended conducting periodic independent audits to verify protocols before state authorities intervene.