SINGAPORE, April 1 (Xinhua) -- The Monetary Authority of Singapore (MAS) on Monday launched COSMIC, a digital platform to share customer information among financial institutions to combat money laundering, terrorism financing, and proliferation financing.
The platform is developed by the MAS and six commercial banks in Singapore, according to a statement issued by the MAS.
Information sharing is currently voluntary and focuses on the misuse of legal persons, the misuse of trade finance for illicit purposes, and proliferation financing, the MAS noted.
COSMIC will help uphold Singapore's reputation as a well-regulated and trusted financial center, said Loo Siew Yee, MAS assistant managing director. ■
