In the first half of 2023, the Monetary Authority of Singapore (MAS) will be introducing the digital platform COSMIC (‘Collaborative Sharing of ML/TF Information & Cases’) and related regulatory framework. COSMIC is meant to enable financial institutions (FIs) to share among themselves pertinent information about customers and transactions to prevent ML/TF and proliferation financing.
Financial criminals often exploit that inability of FIs to warn each another about unusual customer activity. COSMIC will enable FIs to securely share such information when risk thresholds are breached. This will ultimately help FIs identify and stop financial criminals easily and promptly.
MAS, which will operate COSMIC, co-developed the platform with six major commercial banks in Singapore. The platform is touted to have strong security features to safeguard against unauthorized access to customer data. All COSMIC participants will also have to ensure the implementation of stringent security measures. MAS will guide FIs on compliance with these requirements and reprimand deficient FIs.
Source: Monetary Authority of Singapore