The Monetary Authority of Singapore (MAS) is developing a digital network that will allow banks to share information on customers and transactions in order to combat money laundering, proliferation financing and terrorism financing.
Called Cosmic (Collaborative Sharing of ML/TF Information & Cases, the digital platform will exchange data with six of the region’s largest commercial financial institutions, and enable information to be shared in a structured format, allowing for seamless integration with data analytics tools.
Set to launch in the first half of 2023, COSMIC will enable financial institutions to securely share information on customers or transactions, where they cross material risk thresholds. Such information sharing will help financial institutions identify and disrupt illicit networks, thus helping to safeguard the Singapore financial centre.
COSMIC will initially focus on three financial crime risks in commercial banking; misuse of trade finance for illicit purposes, abuse of shell companies, and proliferation financing. Over time, COSMIC will extend its coverage to more financial institutions and focus areas.
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), said: “COSMIC will significantly enhance our financial institutions’ ability to detect and curb suspicious activity, while minimising the impact on legitimate actors. The information sharing framework is designed to target serious criminal behaviours and allow FIs to more quickly detect the bad actors to purge and deter them. It will strengthen Singapore’s position as a trusted financial centre and place to do business, where FIs can better serve the vast majority of legitimate customers.”
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