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.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion