Singapore launches digital platform to fight financial crime
Singapore has launched a centralised digital platform that enables banks to voluntarily share information with one another about suspicious customers.
Illustrative image. Photo courtesy of fintechnews.
The Monetary Authority of Singapore (MAS) said in a press release on April 1 that the intent of Cosmic, which stands for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, is to aid the global fight against money laundering, terrorism financing and proliferation financing, which includes the financing of weapons of mass destruction.
Announced in 2021, Cosmic was co-developed by MAS and six banks, namely DBS Bank, OCBC Bank, UOB, Citibank, HSBC and Standard Chartered Bank.
MAS added that customers are encouraged to provide timely responses if requested by the banks to clarify their risk profiles or transactions, so that the banks can make informed risk assessments.
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