The Monetary Authority of Singapore (“MAS“) is seeking feedback on its proposal to deploy a secured digital platform, to be named COSMIC (Collaborative Sharing of ML/TF Information & Cases), that will allow financial institutions to share information to help them detect and disrupt illicit transactions in a timelier manner. Such information relates to the particulars of a customer (including the beneficial owners and authorised signatories of the customer) and transactions, money laundering, terrorism financing and proliferation financing risk observations or analysis relating to the customer, or the high-risk behaviour exhibited.
These proposals are set out in MAS’ “Consultation Paper on FI-FI Information Sharing Platform for AML/CFT” that was published on 1 October 2021. The consultation ends on 1 November 2021, with MAS intending to launch COSMIC in the first half of 2023.
This Update outlines salient features of COSMIC and the proposed legislative framework.
For more information, click here to read the full Legal Update.
