Singapore's Monetary Authority (MAS) stated in a parliamentary reply that its Collaborative Sharing of Money Laundering/Terrorism Financing Information & Cases (COSMIC) platform has enhanced participant banks' ability to detect bad actors and strengthened the financial sector's defenses against financial crime. Since its launch on April 1, 2024, COSMIC has led to additional suspicious transaction reports and the closure of a significant number of suspicious customer accounts. The platform's effectiveness was affirmed by the Financial Action Task Force (FATF). MAS plans to complete the expansion of COSMIC within 2 years, widening its scope beyond the initial three financial crime risk areas and onboarding other major banks.