Singapore | Leading Financial Centre in Asia
Caproasia.com | The leading source of data, research, information & resource for financial professionals, institutional investors, professional investors and private investors (UHNWs, & HNWs). Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.





Singapore MAS and 6 Banks to Share Clients Information in 2023 to Tackle Money Laundering & Terrorism Financing

8th October 2021 | Hong Kong

Singapore Central Bank Monetary Authority of Singapore (MAS) has announced the launch of a digital platform and regulatory framework for financial institutions to cross-share relevant information on customers and transactions to prevent money laundering, terrorism financing and proliferation financing in early 2023.  The new platform COSMIC (Collaborative Sharing of ML/TF Information & Cases) co-created by MAS and 6 banks (DBS, OCBC, UOB, SCB, Citibank, HSBC), will enable financial institutions to securely share information on customers or transactions, where they cross material risk thresholds, helping to identify and disrupt illicit networks.  

“ Singapore MAS and 6 Banks to Share Clients Information in 2023 to Tackle Money Laundering & Terrorism Financing “

Proliferation financing refers to the raising, moving or making available of financing, funds, assets or other economic resources to individuals or entities to support the proliferation of weapons of mass destruction, including the proliferation of their means of delivery or related materials.


 

COSMIC – Collaborative Sharing of ML/TF Information & Cases)

Singapore City 6
Singapore | Leading Financial Centre in Asia

Monetary Authority of Singapore (MAS) plans to launch the COSMIC platform in the first half of 2023.  COSMIC will initially focus on 3 key financial crime risks in commercial banking, namely, abuse of shell companies, misuse of trade finance for illicit purposes, and proliferation financing.   The 6 banks involved in COSMIC’s development, which are leading players in commercial banking, will participate and be permitted to share information in COSMIC during this initial phase. MAS plans to progressively extend COSMIC’s coverage to more financial institution and focus areas and make some aspects of sharing mandatory.

A common challenge that financial institutions in most jurisdictions face is that they are unable to warn one another about unusual activity in customers’ accounts.  This gap is frequently exploited by financial criminals to make illicit transactions through a web of entities with accounts in different financial institutions, such that each financial institution on its own does not have sufficient information to detect these transactions in a timely manner.

MAS seeks feedback on the proposed legislative framework for COSMIC, as well as the platform’s features. MAS invites interested parties to submit their comments on the proposals and legislative amendments, outlined in the consultation paper at the link here by 1 November 2021.

 

Loo Siew Yee Monetary Authority Of Singapore Assistant Managing Director Policy Payments And Financial Crime Headshot
Loo Siew Yee, Monetary Authority of Singapore Assistant Managing Director (Policy, Payments and Financial Crime)
Loo Siew Yee, Monetary Authority of Singapore (MAS) Assistant Managing Director (Policy, Payments & Financial Crime):

“COSMIC will significantly enhance our financial institutions’ ability to detect and curb suspicious activity, while minimising the impact on legitimate actors.

The information sharing framework is designed to target serious criminal behaviours and allow FIs to more quickly detect the bad actors to purge and deter them. It will strengthen Singapore’s position as a trusted financial centre and place to do business, where FIs can better serve the vast majority of legitimate customers.”

 

COSMIC

COSMIC Infographic

 

MAS:



Caproasia.com | The leading financial website for financial professionals, professional investors and HNW investors. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quicklinks: Caproasia Access | TFC | Caproasia | Jobs

Join 14,000+ leading financial professionals and professional investors in Asia. Stay ahead of your peers & competition.
For press release, email to press@caproasia.com
For editorial, media kit, listing on TFC, events, seminars or research & data services, email to mail@caproasia.com


Previous articleHong Kong SFC to Promote Trading of China Renminbi Securities, SPAC and Green & Sustainable Finance Hub
Next articleUBS Launches 3 Year Program UBS Collectives for Philanthropic Clients
Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia