SINGAPORE - Eleven women are under investigation for carrying out payment services without a licence, as the police make use of a new Act passed last year to deal with the crime.

Eight of the women, aged between 20 and 36, had offered their bank accounts to assist others in transferring monies to other bank accounts in return for commission, the police said on Thursday (April 9).

Another three, aged between 18 and 19, are being investigated for advertising their services to process payments via bank transfer services, PayNow and PayLah, on social media platforms.

The offer, invitation or advertisement of payment services by people who are not licensed or exempted from the Payment Services Act is a crime.

In sample payment service advertisements provided by the police, a person who offers to help with PayLah and bank transfers asks for a commission price of $2.

The police also showed screenshots of dubious job offers that ask applicants to receive payment from clients with their bank accounts.

They are told to take 10 per cent of the sum as their payment and forward the rest to specific addresses.

The police warned job seekers to be wary of such arrangements as they could be used to launder money.

Members of the public should always reject requests by others to use their bank accounts and should not offer, invite or advertise payment services, the police said.

Those convicted can be fined up to $125,000, jailed for up to three years, or both.

For more information on the Payment Services Act 2019, members of the public can e-mail the Monetary Authority of Singapore at webmaster@mas.gov.sg