MAS Introduces COSMIC to Sort out Cash Laundering and Terrorism Financing

The Financial Authority of Singapore (MAS) has unveiled
COSMIC, a centralized digital platform geared toward enhancing collaboration amongst
monetary establishments (FIs) to sort out cash laundering, terrorism financing,
and proliferation financing on a world scale.

The launch of COSMIC marks a major milestone in
Singapore’s dedication to fight monetary crimes successfully. The platform,
developed in collaboration with six main industrial banks in Singapore (DBS,
OCBC, UOB, Citibank, HSBC, and Commonplace Chartered Financial institution) goals to facilitate the
seamless sharing of buyer data amongst FIs.

COSMIC operates beneath the framework supplied by the
Monetary Providers and Markets Act 2023 and accompanying subsidiary
laws, which got here into impact on the identical day because the launch. These
rules set up the authorized foundation and safeguards for the sharing of
delicate buyer knowledge amongst taking part FIs.

Based on the MAS, COSMIC permits FIs to share buyer
data if particular crimson flags point out suspicious conduct or profiles
are recognized. Participant FIs are mandated to stick to stringent insurance policies
and operational safeguards to make sure the confidentiality of shared data,
thereby defending the pursuits of authentic clients.

Throughout its preliminary part, COSMIC will contain the
participation of the six main industrial banks talked about earlier, with a spotlight
on addressing three key monetary crime dangers in industrial banking: misuse of
authorized individuals, misuse of commerce finance for illicit functions, and proliferation
financing.

MAS at this time launched COSMIC, the primary centralised digital platform to facilitate sharing of buyer data amongst monetary establishments to fight cash laundering, terrorism financing and proliferation financing globally. https://t.co/Ppm9uii5Xs

— MAS (@MAS_sg) April 1, 2024

Significance of Well timed Responses on COSMIC

The MAS emphasised that whereas data sharing on COSMIC is
voluntary, it represents a vital step in direction of strengthening the worldwide battle
towards monetary crimes. Clients are inspired to cooperate with FIs by
offering well timed responses to requests for clarification on their threat profiles
or transactions, facilitating knowledgeable threat assessments.

Lavatory Siew Yee, the Assistant Managing Director (Coverage,
Funds
Funds

One of many bases of mediums of alternate within the trendy world, a fee constitutes the switch of a authorized forex or equal from one get together in alternate for items or companies to a different entity. The funds trade has develop into a fixture of contemporary commerce, although the gamers concerned and technique of alternate have dramatically shifted over time.Specifically, a celebration making a fee is known as a payer, with the payee reflecting the person or entity receiving the fee. Most commonl

One of many bases of mediums of alternate within the trendy world, a fee constitutes the switch of a authorized forex or equal from one get together in alternate for items or companies to a different entity. The funds trade has develop into a fixture of contemporary commerce, although the gamers concerned and technique of alternate have dramatically shifted over time.Specifically, a celebration making a fee is known as a payer, with the payee reflecting the person or entity receiving the fee. Most commonl
Learn this Time period & Monetary Crime), MAS, stated: “COSMIC will
allow FIs to warn one another of suspicious actions and make extra knowledgeable
threat assessments on a well timed foundation. It enhances the trade’s present
shut collaboration with MAS and legislation enforcement authorities to fight
monetary crime. This may strengthen Singapore’s capabilities to uphold our
popularity as a well-regulated and trusted monetary centre.”