Alvin Tan on role of COSMIC in detecting and disrupting illicit financial flows
The Monetary Authority of Singapore (MAS) launched the Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases (COSMIC) to facilitate sharing of risk information among banks. Its initial phase involved six major commercial banks and targeted the misuse of legal persons and trade finance for illicit purposes, as well as proliferation financing. COSMIC has enhanced their defences against financial crime. The government is widening the scope of COSMIC and onboarding other major banks. This expansion is scheduled for completion within two years. MAS Board Member Alvin Tan said this in reply to an MP’s questions in parliament on Wednesday (Aug 5).
The Monetary Authority of Singapore (MAS) launched the Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases (COSMIC) to facilitate sharing of risk information among banks. Its initial phase involved six major commercial banks and targeted the misuse of legal persons and trade finance for illicit purposes, as well as proliferation financing. COSMIC has enhanced their defences against financial crime. The government is widening the scope of COSMIC and onboarding other major banks. This expansion is scheduled for completion within two years. MAS Board Member Alvin Tan said this in reply to an MP’s questions in parliament on Wednesday (Aug 5).
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