Singapore to launch new digital platform to fight illicit banking transactions
The Monetary Authority of Singapore (MAS) announced on October 1 that it will launch a data and information-sharing platform, named Cosmic, to prevent money laundering, terrorism funding and proliferation financing.
NDO/VNA – The Monetary Authority of Singapore (MAS) announced on October 1 that it will launch a data and information-sharing platform, named Cosmic, to prevent money laundering, terrorism funding and proliferation financing.
Cosmic will allow financial institutions to securely share in a timely manner with one another information on customers or transactions, where they cross “material risk thresholds.”
Such information sharing will help financial institutions identify and disrupt “illicit networks,” thus helping to safeguard Singapore’s financial centre, MAS said in a statement.
The Cosmic platform has been co-created by MAS and six major commercial banks in Singapore, namely DBS, OCBC, UOB, Standard Chartered, Citibank and HSBC.
The six banks will continue to co-develop the platform with MAS, and will be the initial users when it is rolled out in 2023 alongside a regulatory framework to govern the information sharing.
MAS plans to progressively extend Cosmic's coverage to more financial institutions and make some aspects of sharing mandatory.
Cosmic will initially focus on three key financial crime risks in commercial banking – abuse of shell companies, misuse of trade finance for illicit purposes, and proliferation financing. More focus areas will be added later.
MAS will also start on October 1 a public consultation process on the proposed legislative framework for Cosmic, which will be set out in the Financial Services and Markets Act 2021, as well as the platform's features.
The central bank said Cosmic will have strong security features to prevent unauthorised access to information, and will be operated by MAS.
MAS will also require all Cosmic participants to implement robust measures to safeguard against unauthorised use and disclosure of Cosmic information. It will supervise financial institutions for compliance with these requirements and take action against errant ones.
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