The Police are investigating eleven women, aged between 18 and 36, for carrying on payment service businesses and advertising payment services without licence. Eight of the group were investigated carried out 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.
We would like to share that it’s 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.
We 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 enquiries relating to the Payment Services Act 2019, members of the public may contact the Monetary Authority of Singapore at [email protected]
Payment Service advertisements, which may constitute an offence under Payment Services Act
Samples of Dubious Job Advertisements
Join the ‘Let's Fight Scams’ campaign by signing up as our advocate! Advocates will receive the latest scam info via WhatsApp which they can share with their family and friends.
Together, we can help stop scams and prevent our loved ones from becoming the next victim of scam!
To join, simply scan the following QR code or click on this link http://bit.ly/letsfightscamsNCPC!