COSMIC

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.

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Download COSMIC infographics (347.2 KB)

COSMIC infographics Part 1

COSMIC infographics Part 2

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