The Singapore Financial Authority (MAS) is building a digital platform that allows banks to share customer information and collaborate to deal with money laundering, terrorist financing, and money laundering.
Called Cosmic (Integrated ML / TF Information & Crime), a platform that allows financial institutions to securely share information with customers or interact, at their own risk.
MAS is working with six major banks – DBS, OCBC, UOB, SCB, Citibank, and HSBC – on the platform, which he called the first in the world, allowing it to distribute information in a static environment and product information.
The central bank works with Singapore Cosmic and enforces rules to ensure that information exchange only allows combating money laundering, terrorist financing, and money laundering.
Determined to open in the first half of 2023, the platform will focus on three criminal areas in the retail industry: misuse of seafood, misuse of unregulated transaction funds, and revenue growth.
Over time, MAS plans to expand the Cosmic platform to wider currencies and websites to view and create robust distribution items.
Loo Siew Yee, deputy of MD (law, finance, and financial liability), MAS, said: “Cosmic will significantly improve the ability of our financial institutions to detect and prevent suspicious events as it minimizes harm to people under control.