July 16, 2024

Singapore establishes a platform to combat financial crime

April 03, 2024
1Min Read

To combat money laundering and the funding of terrorism, the Monetary Authority of Singapore (MAS) has introduced a centralized digital network that enables financial institutions to share client information.

DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered are the six main banks that will be the platform's initial customers. MAS developed the Cosmic platform with their help.

Only when there are "objectively defined" red flags in a client's profile or behavior can participants share consumer information with one another.

The three main financial crime concerns that are the focus of information exchange are financing proliferation, misusing trade finance for illegal objectives, and misusing legal persons.

"This will strengthen Singapore's capabilities to uphold our reputation as a well-regulated and trusted financial center," says Loo Siew Yee, assistant managing director of MAS.

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