Financial Services and Markets (Amendment) Act 2023

Following the publication of a corresponding Bill in March 2023 and the passing of the Bill by Parliament in May this year, the new Financial Services and Markets (Amendment) Act 2023 was published on Singapore Statutes Online, the online platform of the Singapore government to publicize legal documents. The Act modifies the Financial Services and Markets Act 2022 and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 to establish the legal framework for the implementation of the new digital platform called COSMIC (Collaborative Sharing of ML/TF Information & Cases), which brings together financial institutions and allows (mandates) the sharing of information among participants on „customers that exhibit multiple red flags indicative of potential illicit activities“.
In detail, the Act makes amendments to above noted Acts to
– define the scope of information that may or must be shared;
– define the information sharing channel for specified information;
– set out provisions to protect financial institutions from civil liabilities (due to their information sharing activities); and
– set out provisions as regards the access to COSMIC.
A detailed description of the content is provided in EventID 20273. The Act will come into force upon announcement and notification by the Minister of Finance.