The Financial Authority of Singapore (MAS) has unveiled COSMIC, a centralized digital platform aimed toward enhancing collaboration amongst monetary establishments (FIs) to deal with cash laundering, terrorism financing, and proliferation financing on a world scale.
The launch of COSMIC marks a major milestone in Singapore’s dedication to fight monetary crimes successfully. The platform, developed in collaboration with six main business banks in Singapore – DBS, OCBC, UOB, Citibank, HSBC, and Normal Chartered Financial institution, goals to facilitate the seamless sharing of buyer info amongst FIs.
COSMIC operates beneath the framework offered by the Monetary Providers and Markets Act 2023 and accompanying subsidiary laws, which got here into impact on the identical day because the launch. These rules set up the authorized foundation and safeguards for the sharing of delicate buyer information amongst collaborating FIs.
In keeping with MAS, COSMIC permits FIs to share buyer info if particular pink flags indicating suspicious habits or profiles are recognized. Participant FIs are mandated to stick to stringent insurance policies and operational safeguards to make sure the confidentiality of shared info, thereby defending the pursuits of legit prospects.
Throughout its preliminary section, COSMIC will contain the participation of the six main business banks talked about earlier, with a deal with addressing three key monetary crime dangers in business banking: misuse of authorized individuals, misuse of commerce finance for illicit functions, and proliferation financing.
MAS at present launched COSMIC, the primary centralised digital platform to facilitate sharing of buyer info amongst monetary establishments to fight cash laundering, terrorism financing and proliferation financing globally. https://t.co/Ppm9uii5Xs
— MAS (@MAS_sg) April 1, 2024
Significance of Well timed Responses on COSMIC
MAS emphasised that whereas info sharing on COSMIC is voluntary, it represents a vital step in the direction of strengthening the worldwide combat in opposition to monetary crimes. Prospects are inspired to cooperate with FIs by offering well timed responses to requests for clarification on their threat profiles or transactions, facilitating knowledgeable threat assessments.
Bathroom Siew Yee, the Assistant Managing Director (Coverage, Funds & Monetary Crime), MAS, stated: “COSMIC will allow FIs to warn one another of suspicious actions and make extra knowledgeable threat assessments on a well timed foundation. It enhances the business’s present shut collaboration with MAS and regulation enforcement authorities to fight monetary crime. This can strengthen Singapore’s capabilities to uphold our repute as a well-regulated and trusted monetary centre.”