11 Suspect Detained Over Illegal Payment Services
Six men and five women have been detained and investigated after allegedly offered their bank account to help receive and transfer money to another bank account in return for a commission. All the suspect age between 20 to 40, are revealing that the transaction was done between April 25 to June 5 as a responding to an online advertisement which offers a job in home-based as an assistant.
As it is an offense for anyone who carries on a business or services regarding any type of payment service in Singapore without a license unless there is an exemption under the Payment Services Act. These offend can be fined up to $125,000, jailed for up to 3 years or both.
To avoid becoming involved in such money laundering scams, the public is advised to always reject such requests by others if they are suspicious of these activities.
For more information on scams, visit the website or call the anti-scam hotline on 1800-722-6688. Anyone with information on such scams may call the police hotline on 1800-255-0000 or go to the iWitness website.
For questions on the Payment Services Act, the public can contact the Monetary Authority of Singapore at webmaster@mas.gov.sg.