SINGAPORE – Four people aged between 17 and 21 are slated to be charged for suspected involvement in money laundering activities on March 8.

The suspects allegedly sold their bank accounts or disclosed their Singpass credentials, which were subsequently used to set up bank accounts, to unknown persons.

The accounts were subsequently used to launder money from scams such as job scams, friend impersonation scams, e-commerce scams and investment scams, said the police in a March 7 statement.

One suspect – a 17-year-old man – allegedly received $3,000 for disclosing his Singpass credentials, later used to open a bank account, for an unknown person in October 2023. The account was subsequently used to launder proceeds of a phishing scam.

They face various offences connected to money mule activities, such as conspiring to cheat banks into opening accounts, facilitating unauthorised access to computer material and the unauthorised disclosure of access codes.

If found guilty of conspiring to cheat the banks into opening bank accounts, the men face imprisonment of up to three years, a fine, or both.

For first-time offenders, abetting to secure unauthorised access to a bank’s computer system is punishable with a fine not exceeding $5,000, jail time of up to two years, or both. 

Unauthorised disclosure of access codes is punishable with a fine not exceeding $10,000, jail time of up to three years, or both, for first-time offenders. 

To avoid being an accomplice to such crimes, the public should reject attractive money-making opportunities that promise fast and easy payout in exchange for their Singpass and bank accounts, said the police.

Correction note: In an earlier version of the story, we said that four men instead of four people were slated to be charged. This has been corrected. We are sorry for the error.