Cosmic was co-developed by MAS and six commercial Singaporean banks – Citibank, DBS, HSBC, OCBC, UOB, and Standard Chartered Bank – with these financial institutions being the first to implement the solution during its initial phase.
MAS states that information sharing between the participating banks through Cosmic is voluntary and centred around three primary financial crime risks in commercial banking: the misuse of trade finance for illicit purposes; the misuse of legal persons; and incidents of proliferation financing.
With the arrival of Cosmic, the regulator says it has also amended the Financial Services and Markets Act (FSMA) 2023 to set out the legislative framework and ensure the necessary safeguards are in place for such information sharing.
