Follow TopicFollow Contributor Share Feedback
Singapore to Establish AML Data-Sharing Platform

Singapore to Establish AML Data-Sharing Platform

by Starling Insights

Starling Insights Editorial Board

May 19, 2023


The government of Singapore has passed a bill to establish the "Collaborative Sharing of ML/TF (money laundering/terrorism financing) Information & Cases" system, or COSMIC — a digital platform for financial institutions to share information on customers displaying potential financial crime concerns. COSMIC will be owned and operated by the Monetary Authority of Singapore (MAS).

The COSMIC platform will initially focus on three risk areas: misuse of legal entities for money laundering, trade-based money laundering utilizing fraudulent trade documents, and proliferation financing and evasion of international sanctions. Overall it aims to improve detection and prevention of criminal activities in the financial sector.

MAS stressed that it will ensure the information is exchanged and stored securely. The platform will also have robust controls and strict user access limitations, subject to periodic audits to ensure their efficacy.

In the first phase of the COSMIC implementation, it will be available to the six major Singapore banks – DBS, OCBC, UOB, SCB, Citibank, and HSBC. This allows the platform to achieve operational stability and enables MAS to closely engage participant financial institutions to calibrate its features and address operational concerns.

In our upcoming 2023 Compendium, we will discuss the importance of these sorts of public-private partnerships for bringing new tools to bear in the management of non-financial risks. Sign up for Starling Insights to receive a copy of the report when it is released in the coming weeks.

Join The Discussion

See something that doesn't look quite right?

We strive to provide high quality and accurate content at all times. With that said, we realize that sometimes links break, new information becomes available, or there is something that you feel we may have missed.

If you see something that you think we should be aware of, we would love to hear from you. Feel free to drop us a note below and leave your name and contact info if you'd like to hear back from us.

Thank you for being a key part of the Starling Insights community!