MAS announces the launch of the COSMIC platform, aimed at combating money laundering, terrorist financing, and other activities on a global scale
2024-04-01 02:43:31
The Monetary Authority of Singapore (MAS) announced today the launch of the COSMIC platform, which is a central digital platform that promotes the sharing of customer information among financial institutions (FIs), aimed at combating money laundering (ML), terrorism financing (TF), and proliferation financing (PF) globally. The Financial Services and Markets Act (Amendment) of 2023 and related subsidiary legislation provide the legal basis and safeguard measures for such sharing, which came into effect on the same day.
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