More than 300 OCBC bank accounts with suspected links to scam-related activities were frozen by the authorities, and more than $1.8 million seized. The police, in a statement on Aug 20, said officers from the Anti-Scam Centre worked with OCBC Bank from May to August to...
More than 300 OCBC bank accounts with suspected links to scam-related activities were frozen by the authorities, and more than $1.8 million seized.
The police said they observed an increase in suspicious activity in local bank accounts opened by foreigners. With the surge in suspicious activities, the police worked with OCBC to use the bank’s data analytic models and network detection tools to identify transactions and bank accounts that followed patterns similar to money mules.
Those found guilty of helping someone retain the benefits of criminal conduct can be jailed for up to three years, fined up to $50,000, or both.
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