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On May 9, 2023, Singapore’s Minister for Trade and Industry, Culture, Community, and Youth, Alvin Tan, announced that the Monetary Authority of Singapore (MAS) plans to launch a digital platform called “Collaborative Sharing of ML/TF Information & Cases” (COSMIC). This platform aims to facilitate the sharing of information on suspicious illegal transactions among financial institutions to foster cooperation in combating financial crimes.
The banks, which will also help develop the platform with the Monetary Authority of Singapore (MAS), are Citibank, DBS, HSBC, OCBC, Standard Chartered and UOB.
Cosmic will first focus on three key risks – shell companies that conceal true ownership, trade-based cross-border transactions that disguise crime proceeds, and shell companies that facilitate indirect trade and payments to sanctioned countries. The initiative will be expanded to include more financial institutions and key risks down the road.
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