Singapore Launches Digital Platform to Combat Financial Crimes
The Monetary Authority of Singapore (MAS) has introduced a centralized digital platform aimed at facilitating information sharing among financial institutions to combat money laundering and terrorism financing.
Dubbed the Cosmic platform, it was collaboratively developed by MAS and six major banks, namely DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered, who will be the platform’s inaugural users.
The platform enables participants to exchange customer information solely in instances where specific red flags, defined objectively, are observed in the customer profile or behavior.
The focus of information sharing revolves around three primary financial crime risks: the misuse of legal entities, the exploitation of trade finance for illicit purposes, and proliferation financing.
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Loo Siew Yee, Assistant Managing Director at MAS, highlights the significance of this initiative, stating, “This will bolster Singapore’s capabilities in maintaining its status as a well-regulated and trusted financial hub.”
Alexander Stefanov
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