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COSMIC & Open Data for AML/CFT

Contributed by Jarret Tham, Head of Compliance

The National Anti-Corruption Commission (NACC) Thailand emphasized “Open Data” are Anti-Corruption Weaponry in Digital Age

The article by News Patrolling, a leading news portal that covers multiple sectors such as politics, sports, and technology was published on 14 June 2023 describing how the Thailand National Anti-Corruption Commission (NACC) has changed their approach to combat corruption in the digital age. To achieve good governance and public management, Thailand’s NACC has adopted “Open Data” into its anti-corruption arsenal.

“Open Data” is a critical tool in advancing the fight against corruption as it allows for better detection through the sharing of evidence. This increases the accountability of individuals and helps to deter future cases from occurring. With transparency and open government data, good governance can be achieved, which in turn ensures that the nation's resources are effectively managed and the rule of law is upheld to the highest of standards, therefore, improving the prospects of the nation.

This tool, however, is not limited to the fight against corruption but is also employed by various sectors and industries. In the case of CYS Global Remit, a major payment institution in the Singapore financial industry, the use of “Open Data” allows for an improved performance in the fight against money-laundering, terrorist financing and other financial crimes where critical information is readily accessible and whose sources can be verified. This shows how powerful a tool “Open Data” is.

However, there is danger in only limiting ourselves to the use of one tool. Therefore, an area of interest that CYS Global Remit has been following closely is the development of COSMIC which stands for “Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases”.

The COSMIC platform serves a similar purpose to "Open Data" by aiming to improve the ability of financial institutions (FIs) in identifying and preventing criminal activity. The platform provides a secure environment for FIs to share critical information, allowing those that identify warning signs of potential financial crime to inform other FIs. This way, other FIs are aware of the situation and can take appropriate measures to mitigate the risk.

Both COSMIC and “Open Data” can bolster our resilience and fight against financial crime, money laundering and financing of terrorism, however, at CYS Global Remit, we are always on the lookout for new technology and methods to incorporate into our compliance culture. Stay tuned for our upcoming AML CFT developments.


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