On 1st April 2024, MAS launched a digital platform, COSMIC, which stands for “Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases”, together with six major commercial banks in Singapore: namely, DBS, OCBC, UOB, SCB, Citibank, and HSBC.
COSMIC allows FIs to securely share with one another, information on customers who exhibit multiple “red flags” that may indicate potential financial crime concerns, if stipulated thresholds are met. This makes it easier for FIs to detect and thereby deter criminal activity.
COSMIC currently focuses on three key financial crime risks in commercial banking:
1. Misuse of legal persons,
2. Misuse of trade finance for illicit purposes, and
3. Proliferation financing.
View COSMIC Infographics
Related Links
- Media Release - MAS launches COSMIC platform to strengthen the financial system's defence against money laundering and terrorism financing
- Financial Services and Markets (Amendment) Act 2023
- Financial Services and Markets (Information Sharing Scheme for Prescribed Financial Institutions) Regulations 2024
- MAS Notice FSM-N02 Prevention of Money Laundering and Countering the Financing of Terrorism - Financial Institutions' Information Sharing Platform
- Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
- Guidelines to Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
- Consultation Paper on the Regulations Relating to FI-FI Information Sharing for AML/CFT
- Consultation Paper on the Notice Relating to FI-FI Information Sharing for AML/CFT
- Second Reading for the Financial Services and Markets (Amendment) Bill on 9 May 2023
- Explanatory Brief for Financial Services and Markets (Amendment) Bill 2023
- MAS and Financial Industry to Use New Digital Platform to Fight Money Laundering
- Consultation Paper on the FI-FI Information Sharing Platform for AML/CFT