The Prevalence of Equine Accountancy Issues in Singapore Persists: 4,700 Individuals Impacted within Half a Year, Monthly Account Rental Ranging from 13,000-20,000 Baht.

The issue of online fraud or money laundering apps have a common theme – the need for a dummy account to transfer funds to the actual wrongdoer while concealing their identity. Singapore, in particular, has reported a rise in cases involving individuals who have been caught opening these dummy accounts. In 2019, approximately 1,000 individuals were investigated for opening dummy accounts, which increased to 4,800 in 2020, 7,500 in 2021, and 7,800 in 2022. However, in the first half of 2023, there were already 4,700 cases. It’s important to note that during the years 2020-2022, only 236 individuals were actually prosecuted, as the police couldn’t prove intent to open the dummy accounts for actual criminal purposes.

Wrongdoers who purchase these dummy accounts often rely on the messaging app Telegram to rent them, with rental fees ranging between 500-800 Singapore dollars per month, or approximately 13,000-20,000 Thai baht. The fees are usually paid on a weekly basis.

Singaporean authorities have conducted research on these dummy accounts and found that 45% of the account owners are aged 25 or younger. Some of them believe that they are not involved in real criminal activities but are simply benefiting from free money.

While Singapore has not explicitly prohibited the direct opening of dummy accounts like Thailand has, it has relied on anti-money laundering legislation, which carries a maximum prison sentence of 5 years and a fine of up to 250,000 Singapore dollars.

TLDR: Online fraud and money laundering apps often require the use of dummy accounts to transfer funds anonymously. Singapore has seen a significant increase in the number of individuals being investigated for opening these accounts, with over 7,800 cases reported in 2022. However, the actual number of prosecutions remains relatively low, suggesting the difficulty in proving criminal intent. Wrongdoers commonly use Telegram to rent these accounts, with fees ranging from 500-800 Singapore dollars per month. Despite the lack of a direct prohibition on dummy accounts, Singapore relies on anti-money laundering legislation to deter such activities.