A RECENT case in which two men were fined and jailed by the court for renting out their bank accounts should serve as a warning to the public.
Sibu MP Oscar Ling’s special assistant Irene Wong urged the public to refrain from lending or renting out personal bank accounts to anyone, to avoid being caught up in financial crimes.
Wong said the case cited above involved two men who rented or lent their bank accounts to others under the pretext that the accounts were required as channels for company financial transactions.
They later withdrew funds deposited into the accounts.
The offence came to light after a bank’s digital banking department received information regarding several suspicious transactions involving funds of up to RM160mil.
This ultimately led to charges being brought against the two individuals.
Wong said the government had, in 2024, approved amendments to the Penal Code, introducing Section 424B to impose stricter penalties on those who relinquish control of or permit the use of their bank accounts by third parties.
Under the Section, those found guilty may be fined between RM10,000 and RM100,000, imprisoned for between one and seven years, or both.
Wong said the Sibu DAP Service Centre had handled a similar case involving a man who lent his bank account to another party, only for it to be used in money laundering activities.
“As a consequence, the man was blacklisted and faced difficulties opening new bank accounts and accessing government assistance,” she said.
She urged the public to safeguard personal information, including identity cards, bank accounts, ATM cards and online banking details to prevent misuse for fraud or money laundering.
