Singapore plans to make certain information sharing aspects compulsory

The Monetary Authority of Singapore (MAS) plans to make compulsory certain aspects of information sharing and expand its digital platform's reach to more financial institutions and focus areas in future phases. To combat illicit financial activities, a Financial Services and Markets (Amendment) Bill has been introduced in Parliament, empowering the MAS to establish and maintain an electronic information-sharing system. The bill outlines the circumstances under which MAS and a suspicious transaction reporting officer may obtain or access such information and how they can use it. The new platform, named Cosmic (Collaborative Sharing of ML/FF Information and Cases), will enable FIs to share information on customers exhibiting suspicious behaviour, according to MAS.