MAS set to build digital platform to tackle financial crimes

Singapore skyline

Singapore’s central bank will set up an information-sharing platform for banks to detect illegal financial activities more promptly and easily, according to a new bill introduced to parliament.

The Singaporean government tabled the Financial Services and Markets (Amendment) Bill to parliament for a first reading on March 20. The government has an overwhelming majority in the legislature, so the bill is likely to become law.

Currently, financial institutions are not able to alert each other to

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