Is It A Crime To Sell Your Bank Card?

The underground market for the illegal buying and selling of bank and sim cards – a practice involving the trade of such cards has seen a surge in recent years, with dire consequences for those involved and society at large.

Telecommunications fraud, money laundering, and tax evasion are just a few of the criminal activities facilitated by the acquisition and use of these two cards. Fraudsters exploit these cards to deceive unsuspecting victims, leading to financial losses and emotional distress. Money laundering criminal groups utilize acquired bank cards to legitimize their illicit funds, making it challenging for law enforcement to trace the origins of these illegal proceeds. This is also why money scammed is always impossible to recover, as it passes a series of bank cards before being washed clean.

Individuals who engage in the illegal buying and selling of sim or bank cards face severe repercussions that extend far beyond financial losses. The People’s Bank of China imposes credit punishment by transferring relevant information to financial credit databases, tarnishing the credit records of those involved. This, in turn, hampers their ability to obtain loans and credit card approvals, hindering their financial stability and opportunities.

Moreover, individuals and entities involved in these illicit activities may be subjected to five years of business restrictions, rendering them unable to access non-counter banking services. Such limitations prevent them from using bank cards at ATMs, conducting online transactions, making purchases, or even registering popular payment platforms like Alipay. This not only restricts their financial activities but also serves as a reminder of the severity of their actions.

Strict account management measures are also enforced, prohibiting banks and payment institutions from opening new accounts for those involved in the illegal trade of these cards. These measures aim to deter individuals from engaging in these activities and, should they attempt to open accounts after the punishment period expires, they will face heightened scrutiny.

The legal system imposes penalties for aiding information network crimes. Those found guilty of aiding and abetting, obstructing credit card management, or buying and selling state organs’ identification documents may face imprisonment. The consequences can be long-lasting, affecting individuals’ personal and professional lives, tarnishing their reputations, and limiting their opportunities.

In conclusion, it is a crime to loan or sell your bank card to someone else, and the consequences are jail time for up to 3 years and fines.