MAS Consults on Features & Legislative Framework of Digital Platform for FIs to Share Information for AML/CFT Purposes

The Monetary Authority of Singapore (“MAS“) is seeking feedback on its proposal to deploy a secured digital platform, to be named COSMIC (Collaborative Sharing of ML/TF Information & Cases), that will allow financial institutions to share information to help them detect and disrupt illicit transactions in a timelier manner. Such information relates to the particulars of a customer (including the beneficial owners and authorised signatories of the customer) and transactions, money laundering, terrorism financing and proliferation financing risk observations or analysis relating to the customer, or the high-risk behaviour exhibited.

These proposals are set out in MAS’ “Consultation Paper on FI-FI Information Sharing Platform for AML/CFT” that was published on 1 October 2021. The consultation ends on 1 November 2021, with MAS intending to launch COSMIC in the first half of 2023.

This Update outlines salient features of COSMIC and the proposed legislative framework.

For more information, click here to read the full Legal Update.

CONTACTS

Head, Financial Institutions Group
+65 6232 0456
Singapore,
Deputy Head, Financial Institutions Group
+65 6232 0482
Singapore,
Partner
+65 6232 0686
Singapore,
Partner
+65 6232 0398
Singapore,
Co-Head, Fraud, Asset Recovery & Investigations
+65 6232 0156
Brunei, Singapore,
Partner
+65 6232 0591
Singapore,

Country

EXPERTISE

SECTORS

Share

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.