MAS launches AML data-sharing platform
Banks can share data on suspicious activities by customers, Singapore’s central bank says
The Monetary Authority of Singapore (MAS) launched an information-sharing platform aimed at helping banks detect illegal financial activities on April 1.
In May 2023, Singapore’s parliament passed a law authorising the MAS to set up and have ownership of the platform. It aims to combat money laundering, and the financing of terrorism or the proliferation of weapons of mass destruction.
Banks using the new platform, called Cosmic, may share information on a customer among themselves if their
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