July 2, 2022
  • July 2, 2022

Singapore: COSMIC Anti-Money Laundering Platform

By on October 1, 2021 0

A digital sharing platform is being developed by the Singapore Central Bank with the aim of combating money laundering and other financial schemes that fund illegal activities.

The platform, expected in the first half of 2023, will exchange data with six of the region’s largest commercial financial institutions (FIs), the Monetary Authority of Singapore (MAS) said in a statement Friday, October 1.

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“A common challenge that financial institutions face in most jurisdictions is that they are unable to warn each other about unusual activity in customer accounts. This loophole is frequently exploited by financial criminals to carry out illicit transactions through a network of entities with accounts in different FIs, so that each FI alone does not have sufficient information to detect these transactions in a timely manner ” , said the MAS.

Named COSMIC – Collaborative Sharing of Information and ML / FT Cases – the platform will give banks the ability to share customer and transaction data whenever “significant risk thresholds” are exceeded.

Loo Siew Yee, deputy general manager of policy, payments and financial crime, said COSMIC will make it easier for the central bank to spot and reduce anything that is not untoward while minimizing the impact on those. who conduct legitimate business.

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“The information sharing framework is designed to target serious criminal behavior and enable FIs to identify bad actors more quickly to purge and deter them. This will strengthen Singapore’s position as a trusted financial center and place to do business, where FIs can better serve the vast majority of legitimate clients, ”she said in the statement.

The COSMIC platform was co-created by MAS and the commercial banks DBS, OCBC, UOB, SCB, Citibank and HSBC. The data shared on the platform will only be used for the purposes of combating money laundering, the financing of terrorism and the financing of proliferation.

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