The Monetary Authority of Singapore (“MAS”) has published more information regarding its development of the “Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases” (“COSMIC”) platform announced in 2022.

COSMIC, developed in collaboration with six major commercial banks in Singapore, will initially focus on three prioritised financial crime risks faced in commercial banking:

  • Misuse of legal persons;
  • Trade-based money laundering; and
  • Proliferation financing.

COSMIC will allow financial institutions to share information to detect and deter criminal activities.

Firms can stay up-to-date with COSMIC’s development.

https://www.mas.gov.sg/regulation/anti-money-laundering/cosmic

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