"Collaborative Sharing of Money Laundering / TF Information and Cases," or COSMIC, is an acronym for a centralized platform that makes it easier for financial institutions to share customer data. It also seeks to recognize and reduce any hazards that might be connected to illegal activity.

A participant in COSMIC Only when a consumer exhibits specific objectively specified indicators of suspicion, or "red flags," in their profile or behavior, may FI share customer information with another participating FI.

Assistant Managing Director of Policy, Payments, and Financial Crime at MAS Loo Siew Yee stated: "FIs will be able to alert one another to suspicious activity and promptly make more informed risk assessments thanks to COSMIC.


In order to prevent financial crime, it strengthens the industry's current tight cooperation with the MAS and law enforcement. This would improve Singapore's capacity to maintain its standing as a reliable and well-regulated financial hub.

Six significant Singaporean commercial banks—DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered Bank—collaborated with MAS to create COSMIC.

The three primary financial crime risks in commercial banking that these banks concentrate on are misuse of legal persons, trade finance for illicit purposes, and proliferation financing, which is the raising, moving, or making available of funds, assets, or other economic resources to individuals or entities to support the proliferation of weapons of mass destruction. These banks are the first participants in COSMIC.