AML in Singapore: Three Suspects Arrested, 37 Corporate Money Mules Investigated

In a recent crackdown on money laundering, the Singapore Police Force (SPF) announced on June 29 that three suspects were arrested due to scam-related activities and launched investigations into 37 individuals who had unwittingly become "money mules".

Based on information provided by DBS Bank's Anti-Mule Team, a joint action conducted by the Singapore police and the Commercial Affairs Department (CAD) seized 40 corporate bank accounts with a total balance of more than S$1.28 million and arrested three suspects for facilitating the scam activities.

Investigations revealed that the three suspects provided their Singpass information to the fraudsters for the purpose of opening bank accounts while receiving up to S$2,000 as a commission. The scammers opened corporate bank accounts to facilitate reception and transfer illicit funds in the scam.

There were also 37 "money mules" who unknowingly facilitated the scam. They gave their Singpass information to strangers via phishing links, unknown QR codes or advertisements on Telegram.