Security Bank strengthens campaign vs money mules

MANILA, Philippines — Security Bank Corp. has joined other big banks in the campaign against money mules as it reminded clients not to take easy-money offers in exchange for their bank accounts.

The listed bank told clients via email that giving third party access to their accounts or money muling is a crime 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,” Security Bank said.

According to Security Bank, clients should not accept easy-money offers in exchange for account information.

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

Account holders, the bank explained, must be responsible and take extra precaution and not let anyone else use their bank accounts, especially when there are fraudsters lurking and recruiting 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 said.

Through the illegal activity, fraudsters and scammers offer P1,000 to P5,000 to buy the bank accounts to be used to launder 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,” Security Bank said.