SINGAPORE: In a groundbreaking operation, authorities have frozen over 300 OCBC bank accounts with suspected ties to scam-related activities, confiscating more than $1.8 million in the process.
This significant move, announced on Aug 20 and reported by The Straits Times, showcases the police’s commitment to combating financial fraud and money laundering.
The Anti-Scam Centre, in collaboration with OCBC Bank, embarked on a joint operation from May to August, targeting money mules – individuals who unwittingly or knowingly allow their bank accounts to be used for illicit financial transactions.
The operation was prompted by a noticeable uptick in suspicious activities in local bank accounts opened by foreigners.
OCBC as conduit of illicit funds
Scam syndicates were exploiting these accounts as conduits for receiving illicit funds and obscuring the true origins of the money. This tactic facilitated money laundering and posed a significant challenge for authorities in tracking and regulating the flow of funds.
Leveraging OCBC’s sophisticated data analytic models and network detection tools, the police could pinpoint transactions and accounts that mirrored the behaviour of money mules.
The joint operation successfully identified and froze over 300 bank accounts within OCBC, exhibiting dubious transactions and activities. The seized funds, amounting to over $1.8 million, are believed to be proceeds from scams transferred in and out of these accounts.
This crackdown sends a strong message to potential accomplices that they could face severe legal consequences, including up to three years in jail and fines of up to $50,000, or both, for aiding in the retention of benefits from criminal activities.
Similarly, unauthorized disclosure of access codes can result in up to three years in jail, a fine of up to $10,000, or both.
Police: Singaporeans, be vigilant
2023 has been particularly challenging, with 46,563 scam cases reported – a 46.8% increase from the previous year and the highest since records began in 2016. The financial impact was equally staggering, with scam victims in Singapore losing $651.8 million.
To safeguard against becoming an unwitting accomplice to such crimes, the police advise Singaporeans to be vigilant.
This includes rejecting enticing offers to use their Singpass and bank accounts for seemingly lucrative schemes, enhancing security features on their accounts, being alert to the signs of scams, and promptly reporting any suspicious activities to the authorities and their community.
This operation is a testament to the collaborative efforts between law enforcement agencies and financial institutions in the fight against financial crime.
As the digital landscape continues to evolve, so must the strategies to protect the financial integrity of Singapore and its citizens.