Global: Singapore Unveils Digital Platform to Combat Money Laundering

The Monetary Authority of Singapore (MAS) has introduced a centralized digital platform named Cosmic, aimed at enabling financial institutions to exchange customer information to combat money laundering and terrorism financing effectively.

Developed by MAS in collaboration with six major banks – DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered – Cosmic marks a significant step in Singapore’s efforts to enhance financial crime prevention measures.

Participating institutions are permitted to share customer information exclusively when specific red flags, based on objectively defined criteria related to customer profiles or behavior, are identified.

The sharing of information through Cosmic is primarily focused on addressing three main financial crime risks: the misuse of legal entities, illicit purposes associated with trade finance, and proliferation financing.

Loo Siew Yee, Assistant Managing Director at MAS, emphasized the platform’s role in bolstering Singapore’s capabilities to maintain its status as a well-regulated and trusted financial hub.

“This initiative will reinforce Singapore’s ability to uphold its reputation as a meticulously regulated and reliable financial center,” stated Loo Siew Yee.