Murali Pillai on Financial Services and Markets (Amendment) Bill

Changes proposed in a new Bill will enhance cooperation among financial institutions (FIs) to fight financial crime by giving them a secure digital platform to share customer information if there is suspicious activity. MP Murali Pillai supported this aim but brought up several questions about operational and enforcement issues in Parliament on Tuesday (May 9). He asked about the timeline for an FI to respond to a request to disclose information on the COSMIC platform and what action might be taken if an FI is deemed too conservative or even obstructive in doing so. He also wanted to know what incentives or disincentives can be provided to encourage FIs to be proactive in sharing information without being asked. Should more FIs be brought on board in future, Mr Murali asked how the Monetary Authority of Singapore will ensure that those with fewer compliance capabilities do not unfairly leverage off those with more. Finally, he queried why it is not proposed that FIs which are negligent in making disclosures to other FIs, such as by revealing false or misleading information, should be guilty of an offence - given the likely serious repercussions of such actions.