The banks are DBS (SGX:D05
) , OCBC (SGX:O39) , UOB (SGX:U11) , Standard Chartered Bank, Citibank and HSBC.
A bill proposing amendments to the Financial Services and Markets Act was read for a second time in Parliament on May 9 to allow information sharing between financial institutions (FIs) on a secure digital platform set up by the Monetary Authority of Singapore (MAS).
In order to combat illicit financial activities, the platform dubbed Cosmic — short for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases — will be jointly developed by MAS and six major commercial banks in Singapore.
