MAS is developing 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 will initially focus on three key financial crime risks in commercial banking:
- Misuse of legal persons,
- Misuse of trade finance for illicit purposes, and
- Proliferation financing.
COSMIC will allow 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 will make it easier for FIs to detect and thereby deter criminal activity.
View COSMIC Infographics
Related Links
- 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