COSMIC enables FIs to securely share information on customers who exhibit multiple “red flags” which may indicate potential financial crime concerns,. The aim is to make it easier for FIs to detect and deter criminal activity.
The new digital platform focuses on three key financial crime risks in commercial banking:
- Misuse of legal persons;
- Misuse of trade finance for illicit purposes;
- Proliferation financing.
Firms can read more on the capabilities of COSMIC to gain further insights into the significance of information sharing, to support the prevention and detection of suspicious activity.
AML/CTF/CPF
Industry News
