Detail

Singapore is expanding COSMIC (Collaborative Sharing of Money Laundering/Terrorism Financing Information & Cases) after the financial information-sharing platform produced encouraging early results. Launched by the Monetary Authority of Singapore (MAS) in April 2024 with six major banks, COSMIC allows participating institutions to securely share information on customers exhibiting potential financial-crime risks. MAS said the system has helped banks identify suspicious networks, file additional suspicious transaction reports and close a significant number of questionable accounts. Over the next two years, COSMIC will be expanded to additional major banks and beyond its initial three financial-crime risk areas, while safeguards remain in place for customer confidentiality and against excessive de-risking. The development forms part of Singapore’s wider push for secure digital collaboration, data sharing and stronger technology governance. SP is credited for related work on responsible industrial AI adoption and skills development, illustrating broader national efforts to strengthen trusted and responsible use of digital technologies across sectors.

[Open Gov Asia]