Singapore: Plans for central data platform to fight money laundering

Singapore’s central bank said on Friday it would create a digital platform enabling banks to share information on customers and transactions, part of efforts to prevent money laundering and financing of criminal activity.

The Monetary Authority of Singapore (MAS) said in a statement that it plans to launch the platform in the first half of 2023 and make it available to the city-state’s six biggest commercial banks in the initial phase.

Financial and trade hubs like Singapore are particularly vulnerable to money laundering due to large cross-border flows.

“The information-sharing framework is designed to target serious criminal behaviors and allow financial institutions to more quickly detect the bad actors to purge and deter them,” Loo Siew Yee, MAS’s assistant managing director for policy payments and financial crime, said in a statement.

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