The platform is co-developed by the MAS and six commercial banks in Singapore; DBS, OCBC, UOB, Citibank, HSBC and Standard Chartered Bank, all of whom will be the participating FIs during its initial phase.
The Monetary Authority of Singapore (MAS) has launched COSMIC, a centralised digital platform for the sharing of customer information among financial institutions (FIs) to tackle money laundering, terrorism financing and proliferation financing.
COSMIC, which stands for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, follows a proposal bill read in parliament last May. The bill proposed amendments to the Financial Services and Markets Act (FSMA) to allow information sharing to combat financial crime.
