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The Monetary Authority of Singapore (MAS) has unveiled COSMIC, a centralized digital platform aimed at enhancing collaboration among financial institutions (FIs) to tackle money laundering, terrorism financing, and proliferation financing on a global scale.
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Information Sharing among Singaporean Financial Institutions
The launch of COSMIC marks a significant milestone in Singapore's commitment to combat financial crimes effectively. The platform, developed in collaboration with six major commercial banks in Singapore (DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered Bank) aims to facilitate the seamless sharing of customer information among FIs.
COSMIC operates under the framework provided by the Financial Services and Markets Act 2023 and accompanying subsidiary legislation, which came into effect on the same day as the launch. These regulations establish the legal basis and safeguards for the sharing of sensitive customer data among participating FIs.
According to the MAS, COSMIC enables FIs to share customer information if specific red flags indicate suspicious behavior or profiles are identified. Participant FIs are mandated to adhere to stringent policies and operational safeguards to ensure the confidentiality of shared information, thereby protecting the interests of legitimate customers.
During its initial phase, COSMIC will involve the participation of the six major commercial banks mentioned earlier, with a focus on addressing three key financial crime risks in commercial banking: misuse of legal persons, misuse of trade finance for illicit purposes, and proliferation financing.
The MAS emphasized that while information sharing on COSMIC is voluntary, it represents a crucial step towards strengthening the global fight against financial crimes. Customers are encouraged to cooperate with FIs by providing timely responses to requests for clarification on their risk profiles or transactions, facilitating informed risk assessments.
Loo Siew Yee, the Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said: “COSMIC will enable FIs to warn each other of suspicious activities and make more informed risk assessments on a timely basis. It complements the industry’s existing close collaboration with MAS and law enforcement authorities to combat financial crime. This will strengthen Singapore’s capabilities to uphold our reputation as a well-regulated and trusted financial centre.”