Police warn public against renting out bank accounts

The Maldives Police Service on Friday warned the public against sharing personal bank account details or allowing others to use their accounts in exchange for payment.

According to police, the practice, commonly referred to as “renting out” a bank account, involves handing over control of a personal account to another individual for financial compensation.

Police said advertisements seeking people willing to rent out accounts have increasingly appeared on platforms including TikTok and Telegram.

Authorities stated that such activities are linked to financial crimes and could expose account holders to legal and financial liability.

Under the Prevention of Money Laundering and Financing of Terrorism Act, bank accounts must be used only by the registered account holder for personal transactions.

Police said allowing another person to operate a bank account is considered an attempt to conceal the identity of the actual person conducting transactions.

They also stated that concealing the identity of the beneficial owner of funds is punishable under the law.

According to police, individuals who provide their accounts for use by others may be classified as “money mules” involved in the movement of illegal funds.

Authorities noted that account holders may still face legal responsibility if unlawful transactions are carried out through their accounts, even if they claim not to know the person using the account.

Police said rented accounts are commonly used in scams, fraud and money laundering operations.

“We urge the public not to share their bank account details, PINs, or OTPs with anyone. Do not respond to social media advertisements promising easy money,” the police statement said.

The Maldives has recently recorded an increase in financial scams involving losses amounting to millions of rufiyaa.