Singapore to Allow Banks to Share Client Data to Fight Crime
- Parliament passed bill to allow information sharing system
- System to be rolled out second half of next year to six banks
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Singapore banks will be able to share information on potentially risky clients next year, a move aimed at curbing illicit flows amid the city-state’s rise as a key financial and wealth hub.
Parliament passed a bill Tuesday that paves the way for the Monetary Authority of Singapore to set up and maintain a secure digital information-sharing system. The platform called Cosmic is meant to make it easier for financial institutions to detect and deter activities in areas like scams, money laundering and terrorism financing.