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Singapore introduces digital platform for anti-money laundering

The Monetary Authority of Singapore (MAS) has introduced COSMIC, a digital platform enabling financial institutions to share customer information to combat money laundering, terrorism, and proliferation financing. Amidst a notable case with 10 suspects and over USD2bn in assets, COSMIC allows for the exchange of information when there are clear signs of suspicious activities. Developed in partnership with six leading banks—DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered—the initiative targets financial crimes related to legal entities, trade finance misuse, and proliferation financing. With strict operational safeguards to ensure confidentiality and protect legitimate customers, COSMIC aligns with the new Financial Services and Markets (Amendment) Act 2023, enhancing Singapore’s framework against financial crimes.


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