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Singapore Launches Digital Platform to Combat Financial Crimes

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

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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