11 women investigated for operating, advertising unlicensed payment services

SINGAPORE — The police are investigating 11 women aged between 18 and 36 for operating payment services and advertising such services without a licence, both of which are offences under the new Payment Services Act 2019.

In a statement on Thursday (April 9), police said eight of the women, aged between 20 and 36, were being investigated for carrying out unlicensed payment services. 

They had offered their bank accounts to assist in transferring money to other bank accounts in return for commissions.

Under Section 5 of the Payment Services Act 2019, it is an offence for anyone to provide any type of payment services in Singapore without a licence unless they are exempted under the Act. 

Another three women, aged between 18 and 19, are being investigated for advertising payment processing services — via bank transfers, PayNow and Paylah — on social media.

Section 9 of the Act prohibits the offer, invitation or advertisement of any type of payment services by any person who is not licensed or exempted under the Act.

“The Police would like to caution job seekers to be wary and avoid being made use of by criminals to carry out payment transfers,” the statement said. 

“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.” 

Individuals who are convicted of an offence under Section 5 and Section 9 of the Payment Services Act 2019 can be fined up to S$125,000 or be jailed for up to three years, or both.

Anyone with information on such scams may call the Police Hotline, 1800-255-0000, or submit information at www.police.gov.sg/iwitness.