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COSMIC May Expand Beyond Banks, Says DPM Wong

A Report by CYS Global Remit FinTech Development Unit 



The article is published by Fintech News Singapore, a source of timely, deep insights and the latest local and global news about Fintech. 

 

In a recent parliamentary response, Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors. 

  

COSMIC, short for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, currently supports participating banks in enhancing the detection and prevention of significant financial crimes through shared customer information. 

  

The inquiry raised in parliament explored the possibility of adapting COSMIC for use by "gatekeepers" like law firms, trust and company service providers, and accounting firms, aiming to boost their capabilities in spotting and deterring criminal activities. 

  

Mr. Wong emphasized that COSMIC is tailored to address the risk of criminals exploiting information silos within banks for illicit transactions, ensuring effective detection and disruption across the banking sector. Any potential expansion of COSMIC would need to carefully consider the balance between information sharing and customer confidentiality, with the current focus on refining this balance within the banking sector. 

  

The phased deployment of COSMIC began with six major commercial banks and MAS plans to assess its success before contemplating expansion to other sectors. While acknowledging the potential applicability of the COSMIC model to other sectors, Mr. Wong stressed the priority of ensuring its effectiveness within banks first. 

  

This cautious, phased approach aims to instill confidence in the system's governance and the protection of shared information. At CYS Global Remit, we are committed to playing our part in combating money laundering and other suspicious activities, standing ready to connect to the system as required as part of our RegTech initiatives. 

 



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