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The police are investigating six men and five women, aged between 20 and 40, for their suspected involvement in carrying on payment service businesses.
The police said in a statement that between Apr 25 and Jun 5, the eleven suspects are believed to have offered their bank accounts to assist in the receiving and transferring of monies to other bank accounts, in return for a commission.
Some were found to have assisted with the dealing of digital payment token, commonly known as cryptocurrency.
Investigations revealed that these suspects had responded to online job advertisements which were offering home-based personal assistants and accounts personnel jobs.
Police investigations are ongoing.
Under the Payment Services Act, it is 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.
The offence is punishable with a fine of up to $125,000 or up to three years' jail or both.
The police caution job seekers to be wary of job advertisements that promise the convenience of working from home and being paid an unreasonably high salary for relatively easy job responsibilities.
Legitimate businesses will not require job seekers to utilise their own bank accounts to receive monies on the businesses’ behalf.
These are common ruses used by scammers to make use of individuals to help them carry out illicit payment services on their behalf.
To avoid becoming involved in money laundering activities, members of the public should always reject requests by others to use their bank accounts.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688.
Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.
For enquiries relating to the Payment Services Act 2019, members of the public may contact the Monetary Authority of Singapore at firstname.lastname@example.org.