Geline Salac

Letting others use your accounts might be a crime, SEC warns

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ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17485801870741748580184074.jpeg" style="width:960px" class="fr-fic fr-dib"/></div><p>MANILA — People should not let others use their bank accounts, e-wallets, and similar financial accounts, the Securities and Exchange Commission said Friday, as it warned that these could be used to process money from scams, money laundering and other crimes.</p><div><a href="https://www.abs-cbn.com/news/business/2025/5/27/amid-fears-of-a-global-recession-here-s-how-to-protect-your-wallet-1206">Amid fears of a global recession, here’s how to protect your wallet</a></div><p>That could make account owners liable as &quot;money mules&quot; under the Anti-Financial Account Scamming Act. </p><div><strong>WHAT IS &#x27;MONEY MULING&#x27;?<br/></strong></div><p>Under Republic Act No. 12010, the following are considered &quot;money muling&quot; when done to move money &quot;known to be derived&quot; from scams and other crimes:</p><ol><li>Using, borrowing or allowing the use of a financial account</li><li>Opening a financial account under a fake name or using someone else&#x27;s identity</li><li>Buying or renting a financial account</li><li>Selling or lending a financial account</li><li>Recruiting, hiring, or convincing someone to do the actions listed above</li></ol><p>These acts carry a penalty of up to 14 years in prison and fines of up to P5 million, SEC warned.</p><p>It said the public should &quot;stay alert, be vigilant, and avoid suspicious transactions using these types of modus operandi.&quot;</p><p>Account owners who &quot;have fallen victim to such modus operandi or wish to report the same activities&quot; can reach the SEC Enforcement and Investor Protection Department by email: <a href="mailto:epd@sec.gov.ph">epd@sec.gov.ph</a>.</p><div><a href="https://www.abs-cbn.com/news/business/2025/3/14/p1-million-bank-insurance-not-for-scam-victims-pdic-1649">P1 million bank insurance not for scam victims: PDIC<br/></a></div><p>The Department of Migrant Workers in April warned Overseas Filipino Workers of a similar scheme that led to <a href="https://www.abs-cbn.com/news/nation/2025/4/27/scammers-using-overseas-filipinos-bank-details-for-money-laundering-dmw-chief-1619">money-laundering investigations in Hong Kong.</a></p>

<p>People should not let others use their bank accounts, e-wallets, and similar financial accounts, the Securities and Exchange Commission said as it warned that these could be used to process money from scams, money laundering and other crimes.</p>

People should not let others use their bank accounts, e-wallets, and similar financial accounts, the Securities and Exchange Commission said as it warned that these could be used to process money from scams, money laundering and other crimes.

'Money muling': Letting others use your accounts might be a crime, SEC warns

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'Money muling': Letting others use your accounts might be a crime, SEC warns

ABS-CBN News

Published May 30, 2025 12:55 PM PHT

Read More:

Securities and Exchange Commission

Anti-Financial Account Scamming Act

Republic Act No. 12010

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