Singapore’s MAS to Expand COSMIC Following Positive Results in Combating Financial Crime

Singapore, 5 August 2026 — The Monetary Authority of Singapore (MAS) plans to expand the Collaborative Sharing of Money Laundering/Terrorism Financing Information & Cases (COSMIC) platform within the next two years, following positive results from its initial implementation.

Launched on 1 April 2024, COSMIC enables participating banks to share risk information to help detect and disrupt illicit fund flows in Singapore’s financial sector. Its initial phase involved six major commercial banks and focused on three key financial crime risks: the misuse of legal persons, the misuse of trade finance for illicit purposes, and proliferation financing.

In a parliamentary reply, MAS Board member and Minister of State Alvin Tan said COSMIC had strengthened participating banks’ ability to identify bad actors and enhanced the financial sector’s defences against financial crime.

Information shared through the platform led participating banks to file additional suspicious transaction reports. Following further reviews and investigations, the banks also closed a significant number of suspicious customer accounts.

COSMIC has additionally helped participating banks and MAS identify suspicious networks for timely review, while supporting investigations by the relevant authorities. The platform’s effectiveness was affirmed in the Financial Action Task Force’s recent Mutual Evaluation of Singapore.

Given these outcomes, MAS is working with the financial industry to extend COSMIC beyond its three initial risk areas and onboard other major banks that are close partners in efforts to combat money laundering, terrorism financing and proliferation financing.

The expansion is expected to be completed within two years. MAS said it would manage the process carefully to maximise the benefits of information sharing while addressing the risks of undue de-risking and protecting the confidentiality of customer information.