DBS’ Chee Kin Lam and HSBC’s Jamil Ahmed discuss COSMIC’s development and how the platform will work to help combat financial crime.
In October 2021, MAS (Monetary Authority of Singapore) issued a consultation paper on introducing a regulatory framework and platform, known as COSMIC, which will enable banks to share and analyse information on customers and transactions that cross material risk thresholds. The platform will help identify and disrupt illicit networks and safeguard the financial system.
In this video, Regulation Asia Co-founder Bradley Maclean sits down with Chee Kin Lam, Managing Director & Head, Legal, Compliance & Secretariat at DBS Bank, and Jamil Ahmed, Chief Compliance Officer at HSBC, to discuss COSMIC’s development, and how the platform will work to help combat financial crime when it launches next year.
This interview was hosted by BAFT (Bankers Association for Finance and Trade) and first broadcasted at its 2022 Global Annual Meeting, which took place from 1-4 May 2022. BAFT is the leading global industry association for international transaction banking.