A Report by CYS Global Remit Legal & Compliance Office
On April 1, 2024, the Monetary Authority of Singapore (MAS) announced the launch of COSMIC, the world's first centralized digital platform designed to facilitate the sharing of customer information among financial institutions (FIs) globally.
This groundbreaking initiative aims to combat money laundering (ML), terrorism financing (TF), and proliferation financing (PF). The introduction of COSMIC aligns with the commencement of the Financial Services and Markets (Amendment) Act 2023 and accompanying subsidiary legislation, providing the legal framework and safeguards for such data sharing.
Developed in collaboration with six major commercial banks in Singapore — DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered Bank — COSMIC will initially involve these banks as participant FIs.
While information sharing on COSMIC is currently voluntary, it focuses on addressing three key financial crime risks in commercial banking: the misuse of legal entities, trade finance for illicit activities, and proliferation financing. By enabling FIs to issue alerts about suspicious activities and conduct thorough risk evaluations promptly, COSMIC enhances collaboration within the industry and with regulatory and law enforcement agencies. These efforts reinforce Singapore's reputation as a tightly regulated and trustworthy financial center.
CYS Global Remit will continue to prioritize security, transparency, and regulatory compliance to ensure the integrity of our services and maintain the trust of our customers and stakeholders.
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