MAS is developing a digital platform, COSMIC, which stands for “Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases”, together with six major commercial banks in Singapore: namely, DBS, OCBC, UOB, SCB, Citibank, and HSBC.
COSMIC will initially focus on three key financial crime risks in commercial banking:
- Misuse of legal persons,
- Misuse of trade finance for illicit purposes, and
- Proliferation financing.
COSMIC will allow FIs to securely share with one another, information on customers who exhibit multiple “red flags” that may indicate potential financial crime concerns, if stipulated thresholds are met. This will make it easier for FIs to detect and thereby deter criminal activity.
And there is a related infographic:
Categories: Anti-Money Laundering Information Sharing MAS Updates
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