Hanoi (VNA) – The Singaporean police announced on June 27 that more than 110 suspicious bank accounts with over 400,000 USD have been blocked by the United Overseas Bank (UOB) or seized by the police in a joint operation targeting money mules.
The UOB used its data analytic models and network detection capabilities to identify suspicious transactions and bank accounts that behaved like potential money mules.
The Anti-Scam Centre (ASC) officers then worked with the bank to identify account holders whose accounts were suspected to have been used for money laundering activities.
The police also conducted island-wide raids and investigated 10 suspects, aged between 24 and 65, who may have relinquished their bank accounts to scammers.
Under the Singaporean law, the offence of assisting another to retain benefits of criminal conduct carries a jail term of up to three years, a fine of up to 50,000 USD, or both./.
