Singapore to allow banks share client data to fight crime

DBS Group Holdings Ltd, Oversea-Chinese Banking Corp, United Overseas Bank Ltd, Standard Chartered Plc, Citigroup Inc and HSBC Holdings Plc will be the first group to access Cosmic. — Reuters

Singapore banks will be able to share information on potentially risky clients next year, a move aimed at curbing illicit flows amid the city-state’s rise as a key financial and wealth hub.

Parliament passed a bill Tuesday that paves the way for the Monetary Authority of Singapore to set up and maintain a secure digital information-sharing system. The platform called Cosmic is meant to make it easier for financial institutions to detect and deter activities in areas like scams, money laundering and terrorism financing.