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MAS, six banks launch platform to identify and disrupt illicit networks

The Edge Singapore
The Edge Singapore 10/1/2021 03:35 PM GMT+08  • 3 min read
MAS, six banks launch platform to identify and disrupt illicit networks
MAS together with six banks launched COSMIC, launched a digital platform to identify and disrupt illicit networks
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The Monetary Authority of Singapore (MAS) announced on Oct 1 that it will introduce a digital platform and enabling regulatory framework for financial institutions (FIs) to share with one another relevant information on customers and transactions to prevent money laundering (ML), terrorism financing (TF) and proliferation financing (PF).

The platform is named COSMIC which stands for Collaborative Sharing of ML/TF Information & Cases. The COSMIC platform is co-created by MAS and six major commercial banks in Singapore, DBS, OCBC, UOB, SCB, Citibank and HSBC.

See: DBS Vickers obtains MAS approval to provide digital payment token services

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