‘Cosmic’ platform for financial institutions to share details

MAS said Cosmic will initially focus on three key financial crime risks in commercial banking – abuse of shell companies, misuse of trade finance for illicit purposes and financing that supports the proliferation of weapons of mass destruction. — Bloomberg

SINGAPORE: To thwart financial criminals who attempt to avoid detection by making illicit transactions across an ever-shifting web of accounts, the Monetary Authority of Singapore (MAS) has mooted a secure digital platform for financial institutions (FIs) to share information on suspicious customers.

A bill proposing amendments to the Financial Services and Markets Act to set up the platform and set out rules governing its initial phase was put up for its first reading in Parliament by Minister of State for Trade and Industry Alvin Tan on Monday.