Financial Services and Markets (Amendment) Bill
- The Bill establishes a secure digital platform, COSMIC, enabling financial institutions to share information on customers exhibiting multiple red flags of potential financial crimes, such as misuse of shell companies, trade-based money laundering, and proliferation financing.
- Robust legal and operational safeguards are included to protect customer confidentiality, with information sharing only permitted when objective thresholds are met and subject to strict access controls, cybersecurity measures, and oversight by the Monetary Authority of Singapore.
- The platform will initially involve six major banks on a voluntary basis, with plans to expand coverage and eventually make sharing mandatory in higher-risk circumstances, while addressing member concerns on implementation, inclusivity, and enforcement.