Prescribed financial institutions (FIs) are required to establish and implement robust controls to facilitate the sharing of risk information on COSMIC and protect the confidentiality of the information being shared, and the interests of legitimate customers.
This Notice sets out MAS’ requirements for prescribed FIs:
- To establish internal policies to facilitate the sharing of risk information through COSMIC;
- To conduct risk assessments upon the receipt of risk information through COSMIC and where there are positive hits against the platform screening list;
- To implement safeguards to protect risk information shared through COSMIC from unauthorised use and disclosure;
- To have regard to other relevant information that may be available prior to terminating or declining to establish business relations with a relevant party;
- To prepare, maintain and retain records of its sharing of risk information through COSMIC, including the basis of its assessment; and
- With regard to outsourced relevant services that involve the disclosure of COSMIC risk information.