According to the SPF, if a person's bank account, ATM card, or internet banking token is used to facilitate money lending by an unauthorized moneylender, that person is presumed to have aided and abetted the carrying out of an unauthorized moneylending business. It is said that it will be done.
First-time offenders face up to four years in prison, a fine of between S$30,000 and S$300,000, and up to six lashes of the cane.
First-time offenders who commit or attempt to commit harassment on behalf of an unlicensed moneylender face up to five years in prison, a fine of between S$5,000 and S$50,000, and three to six lashes of the cane. .
Anyone found guilty of providing false contact information to obtain a loan from an unlicensed moneylender could be sentenced to up to 12 months in prison.
“Regardless of their role, the police will continue to take strict enforcement action against those involved in the unlicensed moneylending industry and ensure that they face the full brunt of the law,” the SPF said.
“This includes taking action against those who open or transfer bank accounts to assist unauthorized moneylenders.”
The SPF added that unlicensed lenders are increasingly using text messaging and online platforms to send unsolicited loan advertisements. The public is advised not to respond to these ads and to report them as spam.
