If a friend says there is something wrong with his bank account and wants to use your account to receive his salary, would you agree?
You may see posts on online forums that some companies urgently need many bank accounts or securities accounts for investment and trading purposes as part of their business expansion plan. They offer attractive compensation to those who would lend or sell their accounts details while assuring that there are no legal risks. Would you be interested?
Whether you are trying to help a friend or be tempted to make quick and easy money, lending or selling your account details can have serious consequences. As your account may be manipulated and used for illegal activities, you may unintentionally be involved in money laundering, and subject to a maximum penalty of 14 years imprisonment and a fine of HK$5 million.
The term "money laundering" refers to criminals using various methods, such as utilising other people’s accounts, to transform proceeds from criminal activities such as drug trafficking, smuggling, illegal gambling, and fraud. These methods are employed to alter the origins of such illicit funds, concealing the nature, location, and source of the money, making it appear as if it was obtained through legitimate means.
According to the Police, over 7,700 “puppet account” holders were arrested for money laundering in 2024. Similar stories have been frequently reported by the media. Common tactics employed by the criminals include circulating posts on social media to lure job seekers into offering their bank accounts as puppet accounts for the “easy money”, or claiming it’s “safe and legal” for the victims to lease or sell their bank accounts. Some scammers may use online romance to gain trust from the victims and borrow their accounts for illicit use.
Please keep in mind that money laundering is a serious crime. Convicted offenders may face imprisonment of up to 14 years and a maximum fine of HK$5 million. Once your account is used for illegal purposes, you will likely be considered an accomplice. Never rent, lend, or sell your bank account, securities account, or e-wallet accounts!
July 2025
