Banks to share information voluntarily

Fraud prevention: Customers are seen using ATMs at a DBS bank branch in Singapore. The lender, alongside five others, will collaborate with the Cosmic platform to thwart financial criminals who avoid detection through an ever-shifting web of accounts. — Bloomberg

SINGAPORE: Banks that agree to share details of customers suspected of money laundering on a proposed digital platform will be allowed to do so voluntarily in its initial phase.

This will give them time to get familiar with using the Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases (Cosmic) platform.