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.

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That could make account owners liable as "money mules" under the Anti-Financial Account Scamming Act. 

WHAT IS 'MONEY MULING'?

Under Republic Act No. 12010, the following are considered "money muling" when done to move money "known to be derived" from scams and other crimes:

1. Using, borrowing or allowing the use of a financial account
2. Opening a financial account under a fake name or using someone else's identity
3. Buying or renting a financial account
4. Selling or lending a financial account
5. Recruiting, hiring, or convincing someone to do the actions listed above

These acts carry a penalty of up to 14 years in prison and fines of up to P5 million, SEC warned.

It said the public should "stay alert, be vigilant, and avoid suspicious transactions using these types of modus operandi."

Account owners who "have fallen victim to such modus operandi or wish to report the same activities" can reach the SEC Enforcement and Investor Protection Department by email: epd@sec.gov.ph.

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The Department of Migrant Workers in April warned Overseas Filipino Workers of a similar scheme that led to money-laundering investigations in Hong Kong.