On 1 April 2024, the Monetary Authority of Singapore launched COSMIC (“Collaborative Sharing of Money Laundering / Terrorism Financing Information & Cases”), the first centralised digital platform to facilitate the sharing of customer information among prescribed financial institutions to combat money laundering, terrorism financing, and proliferation financing globally. On the same day, the Financial Services and Markets Act 2022 ("FSMA") was amended to set out the legal basis and safeguards for such sharing. This update outlines key requirements under the FSMA and the COSMIC Notice.