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Manila Bulletin devider Business devider The Stock Market devider SEC warns public against being scammed into being a money mule

SEC warns public against being scammed into being a money mule

Published May 30, 2025 02:12 pm
The Securities and Exchange Commission (SEC) is warning the publc against transacting with advance fee loan scams, and against sharing and lending their registered bank, e-wallet, and other financial accounts, as they could be used as "money mules" by criminal syndicates.
The Commission advises the public against engaging with persons or groups of persons claiming to represent, or to be affiliated with, SEC-registered lending or financing companies but are involved in a scheme called advance fee loan scam, in which victims are required to pay a certain amount before their requested loan is released.
"Claims that advance payment is required by the SEC prior to the release of a loan are false and contrary to law. The public is advised NOT TO BELIEVE these scammers as the Commission will not require the public to make an advance payment as a condition for the release of a loan," the advisory read.
Additionally, the SEC warns the public against sharing their bank accounts, e-wallets, or other financial accounts, as they could be used as "money mules" to facilitate financial scams such as advance fee loan scams, Ponzi schemes and money laundering, among others.
"The public is hereby reminded that being a 'money mule,' or a person allowing the use of his/her bank account, e-wallet, or online financial account for the purpose of obtaining, receiving, depositing, transferring, or withdrawing proceeds that are known to be derived from illegal activities or financial scams are prohibited by law, pursuant to Republic Act No. 12010, otherwise known as the Anti-Financial Account Scamming Act (AFASA), enacted in July 2024," the advisory read.
Persons found guilty of acting as “money mules” may face civil and criminal charges, including imprisonment of up to fourteen years and a fine of up to P5 million under the AFASA.

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