Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions (FIs) to share information.

The digital platform and an accompanying enabling regulatory framework will be introduced by the Monetary Authority of Singapore (MAS) for FIs to share with one another relevant information on customers and transactions to prevent PF, money laundering (ML) and terrorism financing (TF).

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