FCC RegUpdate

On April 1, 2024, the Monetary Authority of Singapore (MAS) launched COSMIC, a centralized digital platform acronymized for ‘Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases’, in collaboration with six major commercial banks in Singapore: DBS, OCBC, UOB, SCB, Citibank, and HSBC.

To know more, click here https://www.fcctimes.com/2024/04/01/mas-launches-cosmic-enhancing-financial-crime-detection/?utm_source=websiteText&utm_medium=FCCRegUpdate_05apr24

COSMIC facilitates financial institutions (FIs) in securely sharing data on customers exhibiting multiple ‘red flags’ for financial crimes, thereby enhancing detection and deterrence.

COSMIC primarily targets three key financial crime risks prevalent in commercial banking:

  • Misuse of legal persons
  • Misuse of trade finance for illicit purposes
  • Proliferation financing