Wednesday, April 17, 2024
14.7 C
Los Angeles

MAS Launches COSMIC: Enhancing Financial Crime Detection

Money LaunderingMAS Launches COSMIC: Enhancing Financial Crime Detection

On April 1, 2024, MAS unveiled COSMIC, a digital platform named “Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases,” in collaboration with six major commercial banks in Singapore: DBS, OCBC, UOB, SCB, Citibank, and HSBC.

COSMIC facilitates secure information exchange among financial institutions (FIs) regarding customers displaying potential financial crime indicators, enhancing detection and prevention efforts.

It targets three primary financial crime risks in commercial banking:

  1. Misuse of legal entities,
  2. Illicit use of trade finance, and
  3. Proliferation financing.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

Check out our other content


Check out other tags:

Most Popular Articles