The Police are investigating eleven women, aged between 18 and 36, for carrying on payment service businesses and advertising payment services without licence.
The Police are investigating eight women, aged between 20 and 36, for carrying out unlicensed payment service businesses. They had offered their bank accounts to assist in transferring monies to other bank accounts in return for commission. Another three women, aged between 18 and 19, are being investigated for advertising on social media platforms offering their services to process payments via bank transfers, PayNow and PayLah.
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. Section 9 of the Payment Services Act 2019 prohibits the offer, invitation or advertisement relating to the provision of any type of payment services by any person who is not licensed or exempted under the Act. Individuals who are convicted of an offence under Section 5 and Section 9 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 and avoid being made use of by criminals to carry out payment transfers. To avoid becoming involved in money laundering activities, members of the public should always reject requests by others to use their bank accounts. Members of the public should not offer, invite or advertise for payment services.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. For enquiries relating to the Payment Services Act 2019, members of the public may contact the Monetary Authority of Singapore at webmaster@mas.gov.sg.
Payment Service advertisements, which may constitute an offence under Payment Services Act
Samples of dubious job advertisement and standard lines used by scammers
SINGAPORE POLICE FORCE
09 April 2020 @ 10:00 AM