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:
- Misuse of legal entities,
- Illicit use of trade finance, and
- Proliferation financing.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}