COSMIC Platform Goes Stay in Singapore to Fight Monetary Crime

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April 1, 2024

The Financial Authority of Singapore (MAS) has formally rolled out the COSMIC platform, a digital initiative geared toward bolstering the protection in opposition to cash laundering, terrorism financing, and the proliferation of weapons of mass destruction.

The system, which turned operational at this time (1 April 2024), alongside the enforcement of the Monetary Providers and Markets (Modification) Act 2023, permits the seamless alternate of buyer info amongst monetary establishments (FIs) on a world scale.

The introduction of COSMIC—brief for Collaborative Sharing of Cash Laundering/TF Data & Instances—follows the modification of the Monetary Providers and Markets Act in Could 2023.

This modification established a authorized and regulatory framework facilitating FIs to share important buyer knowledge, however solely underneath strict circumstances. Such knowledge sharing is contingent on the detection of particular, objectively-defined indicators of suspicious habits or “crimson flags”.

Singapore COSMIC

With the first goal of sustaining buyer confidentiality whereas enabling FIs to alert one another about potential threats, the brand new system imposes stringent insurance policies and operational safeguards.

This steadiness ensures the safety of reputable prospects’ pursuits whereas empowering FIs to successfully assess and mitigate dangers related to monetary crimes.

COSMIC’s growth was a collaborative effort between MAS and 6 of Singapore’s largest industrial banks, together with DBS, OCBC, UOB, Citibank, HSBC, and Customary Chartered Financial institution.

These establishments will take part within the preliminary part of the platform, which presently focuses on addressing three primary dangers: the misuse of authorized entities, commerce finance exploitation for illicit functions, and proliferation financing.

MAS Assistant Managing Director (Policy, Payments and Financial Crime), Ms Loo Siew Yee

Lavatory Siew Yee

Lavatory Siew Yee, Assistant Managing Director (Coverage, Funds & Monetary Crime), MAS, mentioned,

“COSMIC will allow FIs to warn one another of suspicious actions and make extra knowledgeable danger assessments on a well timed foundation.

 

It enhances the trade’s current shut collaboration with MAS and legislation enforcement authorities to fight monetary crime. It will strengthen Singapore’s capabilities to uphold our popularity as a well-regulated and trusted monetary centre.”

Lam Chee Kin

Lam Chee Kin

Lam Chee Kin, Group Head of Authorized & Compliance, DBS mentioned,

“With criminals getting extra subtle, COSMIC is a sport changer by offering banks, regulators, and legislation enforcement companies the platform wanted to share info in a really managed and focused method and therefore weed out dangerous actors extra successfully.

 

COSMIC additionally enhances our personal monetary surveillance capabilities, enabling us to triangulate danger indicators quicker, unravel networks and take swift actions. On the similar time, we’re conscious that reputable prospects shouldn’t be denied entry to monetary companies and have labored carefully with fellow participant banks and MAS on a set of guiding rules to make sure applicable use of knowledge derived from COSMIC.”

DBS added that it additionally sees potential for COSMIC to broaden its protection to incorporate extra forms of monetary crimes and contain a wider vary of monetary trade stakeholders.

 

This text was up to date at 2.40pm to incorporate DBS’ quote. 





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