Derrick Goh on Financial Services and Markets (Amendment) Bill

A proposed secure digital platform dubbed COSMIC will help authorities and financial institutions (FIs) in Singapore to tackle financial crime more effectively, said MP Derrick Goh. It will enable FIs to share information on suspicious customers, to help thwart financial criminals who avoid detection by making illicit transactions across a shifting web of accounts. Mr Goh raised several questions in Parliament on Tuesday (May 9), including the following. With six major banks taking part for a start, what is the expected effectiveness of COSMIC and how quickly might it be scaled up? Considering the rapid innovations in financial crime, how will the Monetary Authority of Singapore (MAS) review and shorten the initial phase of the scheme, where information-sharing will be voluntary? Will COSMIC help stem the facilitation of scams and if so, how? If there is a cybersecurity incident, what are the roles and responsibilities of FIs which have shared information on COSMIC, vis-a-vis MAS as the owner of the platform? Could MAS or the Commercial Affairs Department use information in COSMIC to assess and potentially penalise participating FIs for any lapses in money laundering, terrorism financing and proliferation financing controls?