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September 26, 2022

Exchanging bank account details with third parties in money mule schemes is a crime, Security Bank warns

Publicly-held Security Bank Corp. on Tuesday told clients that giving one’s bank details to a third party in exchange for easy-money offers is punishable under the country’s anti-money laundering laws.

In an email sent to clients, Security Bank warned that money muling is a crime in the Philippines and punishable under Republic Act 9160 or the Anti-Money Laundering Act of 2001 (AMLA).

“Remember, even if you know the third party asking for access to your account, do not lend your information. The appeal of cash commissions from becoming a money mule is not worth being involved in criminal activity,” the listed bank said.

Security Bank, through social media posts and other customer messages, urged clients to be wary and ignore or refuse easy-money offers in exchange for account information.

“Keep your bank account details to yourself much like any other personal and confidential information,” it added.

According to Security Bank, account holders must act responsibly and take extra precaution and not let anyone else use their bank accounts, especially as fraudsters lurk and recruit aggressively for their money muling activities.

Money muling is a type of money laundering activity where people are enticed to lend or sell their bank accounts for purposes of receiving deposits or fund transfers from illegal sources.

“This makes the account holder a money mule. Fraudsters offer commissions or entice unsuspecting account holders to sell their bank accounts,” Security Bank warned.

Fraudsters and scammers offer P1,000 to P5,000 when buying bank accounts to be used for laundering money.

“This scheme allows dirty money or money obtained from criminal activity to be moved around. Whether willingly or unknowingly, when an account holder lets their account be used by another person, they are risking the possibility of being a money mule and an accomplice to crime,” it warned.

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