The Police are investigating three men and four women, aged between 20 and 50, for carrying on payment service businesses and advertising payment services without licence.
Between 24 and 30 April 2020, the seven individuals had offered their bank accounts to assist in the transferring monies to other bank accounts via alternative payment modes such as bank transfers, PayNow and PayLah, in return for a commission. Investigations revealed that these individuals had responded to dubious online job advertisements which were offering home-based personal assistants and financial assistants’ jobs.
Under Section 5 of the Payment Services Act 2019, it is an offence for anyone to carry on a business of providing any type of payment services in Singapore without a license unless he is exempted under the Act. Individuals who are convicted of an offence under Section 5 of the Payment Services Act 2019 can be fined up to $125,000 or be jailed for up to 3 years, or both.
The Police would like to caution job seekers to be wary of job advertisements that promise the convenience of working from home and being paid unreasonably high salary for relatively easy job responsibilities. Legitimate businesses will not require the job seekers to utilise their own bank accounts to receive monies on the businesses’ behalf. These acts are common ruse used by scammers to have individual carry out illicit payment transfers on their behalf. To avoid becoming involved in money laundering activities, members of the public should always reject requests by others to use their bank accounts.
Source: Singapore Police Force