Singapore's MAS launched COSMIC, a centralized digital platform for sharing customer info among banks to combat money laundering, terrorism financing, and proliferation financing.
Singapore's Monetary Authority (MAS) launched COSMIC, a centralized digital platform, to facilitate the sharing of customer information among financial institutions to combat money laundering, terrorism financing, and proliferation financing globally. The platform is developed by MAS and six commercial banks in Singapore and enables participating banks to share customer information if "red flags" are detected. COSMIC complements existing collaborations with MAS and law enforcement authorities and aims to strengthen Singapore's reputation as a well-regulated and trusted financial center.
April 01, 2024
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