The central bank of Singapore has partnered with 6 banks including DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered Bank to launch the COSMIC platform for sharing suspicious account information. The banks will have predefined conditions for users (no specifics disclosed) and when an account falls under the predetermined conditions, targeting criminal activities in 3 categories: money laundering, terrorism financing, and funding criminal activities.
COSMIC allows banks encountering suspicious accounts to request customer information from other banks, share information with other banks, and notify authorities of suspicious individuals. Normally, banks cannot share customer information, but Singapore amended financial laws last year to establish authority to share such data and recently implemented the platform. Singapore has previously viewed opening shell accounts as money laundering, potentially affecting those accounts.
For Thailand, Section 6 of the Computer-related Crime Act provides measures for preventing and combating technology-related crimes, allowing banks to exchange account information and halt fund transfers.
TLDR: The central bank of Singapore collaborates with 6 banks to launch the COSMIC platform for sharing suspicious account information, with predefined user conditions and targeting criminal activities. Thailand’s Computer-related Crime Act allows for the exchange of account information and prevention of fund transfers.
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