7 to be charged over suspected involvement in money mule activities

SINGAPORE – Seven people are accused of selling or renting their bank accounts to criminal syndicates for as much as $500.

The four men and three women, aged 17 to 32, will be charged in court on Thursday for their alleged involvement in various offences connected to money mule activities, including cheating and facilitating unauthorised access to computer materials.

They allegedly duped banks into opening accounts, before handing over their ATM cards and Internet banking credentials to criminal syndicates, the police said on Wednesday.

The offence of cheating carries a jail term of up to three years and a fine.

The offence of facilitating unauthorised access to computer material carries a jail term of up to two years, a fine, or both.

The police said members of the public should always reject seemingly attractive money-making opportunities that promise payouts for the use of their Singpass account or bank accounts. They should also not allow their personal bank account to be used to receive and transfer money for others. Individuals will be held accountable if they are found to be linked to such crimes.

Those found linked to such crimes will be dealt with in accordance with the law, the police added.

Between 2020 and 2022, the police investigated more than 19,000 money mules, of whom many were younger than 29. However, fewer than 250 were prosecuted as it was difficult to prove that they had intended to facilitate criminal activities by selling their bank accounts and Singpass credentials.

But in May, tougher laws aimed at clamping down on money mules and those who sell their bank accounts or Singpass credentials were passed.

The changes to the laws introduced the new offences of rash and negligent money laundering, and disclosing or dealing in Singpass credentials for criminal activities.