MAS, the central bank of Singapore, has unveiled plans to launch a digital platform to enable sharing of information between financial institutions (FIs) to combat money laundering (ML) and terrorism financing (TF).

The platform, called Collaborative Sharing of ML/TF Information & Cases (COSMIC), will allow FIs to share information on customers and transactions, where they cross material risk thresholds.

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COSMIC has been co-developed by the MAS, DBS, OCBC, United Overseas Bank, Standard Chartered Bank, Citibank, and HSBC.

MAS assistant managing director (policy, payments & financial crime) Loo Siew Yee said: “The information-sharing framework is designed to target serious criminal behaviours and allow FIs to more quickly detect the bad actors to purge and deter them.

“It will strengthen Singapore’s position as a trusted financial centre and place to do business, where FIs can better serve the vast majority of legitimate customers.”

MAS will operate COSMIC and plans to launch the platform in the first half of 2023.

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It will use the data from COSMIC for risk surveillance to detect unlawful elements operating in the financial system.

Initially, COSMIC will focus on risks in commercial banking such as abuse of shell companies, misuse of trade finance for illicit purposes, and proliferation financing (PF).

The six lenders that aided in the development of COSMIC will participate in this initial phase and will be allowed to share information.

Eventually, the regulator plans to add more FIs and focus on more areas while making sharing some information mandatory.