HSBC is pleased to have co-created COSMIC and look forward to our continued collaboration with MAS and fellow participating banks to bolster our defences against financial crime.” With a network spanning 67 countries and territories, we already have in place safeguards to ensure that any information shared across borders is done so securely and in accordance with our data sharing processes and prevailing regulatory requirements. COSMIC will allow us to further build on our existing capabilities to do so. Jamil Ahmed, Chief Compliance Officer, HSBC Singapore, said: “Since 2015, HSBC has made significant investments in new and upgraded systems to help detect, analyse, and mitigate financial crime. COSMIC participants will also be required to implement robust measures to safeguard against authorised use and disclosure of COSMIC information. MAS will provide in legislation that this information sharing is permitted only for the purpose of combating money laundering, terrorism financing, and proliferation financing (PF). The new digital platform, named COSMIC, for “Collaborative Sharing of ML/TF Information & Cases”, will enable HSBC and other FIs to securely share information on customers or transactions, where they cross material risk thresholds.Ĭo-created by MAS and other banks in Singpore, the platform operated will have strong security features to prevent unauthorised access to information. That said, BPAs and orders can be the driving factor that determines when you begin the process to obtain a new GSA Schedule Contract.The Monetary Authority of Singapore (MAS), along with HSBC and other major commercial banks in Singapore, announced on 1 October 2021 that it would introduce a digital platform for financial institutions (FIs) to share with one another relevant information on customers and transactions to prevent money laundering and financing of criminal activity. While orders can be placed up until the last day of your GSA Schedule Contract, order options cannot be exercised past your contract expiration. To be considered for a BPA under the Schedule, the term of your GSA Schedule Contract, including option periods, must cover the period of performance of the BPA.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |