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Singapore launches digital platform to fight financial crime

Singapore has launched a centralised digital platform that enables banks to voluntarily share information with one another about suspicious customers.
Singapore launches digital platform to fight financial crime ảnh 1Illustrative image (Photo: fintechnews)
Singapore (VNA) – Singapore haslaunched a centralised digital platform that enables banksto voluntarily share information with one another about suspicious customers.

The Monetary Authority of Singapore (MAS) said ina press release on April 1 that the intent of Cosmic, which stands forCollaborative Sharing of Money Laundering/Terrorism Financing Information andCases, is to aid the global fight against money laundering, terrorism financingand proliferation financing, which includes the financing of weapons of massdestruction.

Announced in 2021, Cosmic was co-developed by MASand six banks, namely DBS Bank, OCBC Bank, UOB, Citibank, HSBC and Standard CharteredBank.

MAS added that customers are encouraged toprovide timely responses if requested by the banks to clarify their riskprofiles or transactions, so that the banks can make informed risk assessments./.
VNA
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