Singapore taps HSBC, Citi for rigid money laundering controls

City's lawmakers pass bill paving way for banks to cross-share information

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The largest financial institutions operating in Singapore are to use the new information-sharing system, voluntarily at first. © Reuters

DYLAN LOH, Nikkei staff writer

SINGAPORE -- Foreign and local banks in Singapore will be required to share information with one another on a digital platform that will make it easier to raise red flags on potential money laundering acts, as the city-state tightens oversight on illicit capital flows.

The tiny nation's lawmakers on Tuesday passed a bill paving the way for the platform, called COSMIC, which is expected to come online in the second half of 2024.

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