AML & Risk Management
This statement explains the role of COSMANX PTE. LTD. as a technology service provider and summarizes the AML, fraud-prevention, sanctions, transaction-monitoring, and risk controls applied across the CosmanX Platform.
1. AML & Risk Management Statement
COSMANX PTE. LTD. operates as a Technology Service Provider (“TSP”), providing software that enables business customers to access and manage virtual cards made available by licensed financial institutions (“Partner Issuers”).
CosmanX does not itself provide regulated payment services, money-transfer services, cryptocurrency custody, or other activities that would independently place CosmanX within the scope of regulated payment-service activities under Singapore’s Payment Services Act.
Accordingly:
- regulated financial services, including card issuance, settlement, transaction processing, and custody of funds, are performed by licensed Partner Issuers or other appropriately regulated providers;
- CosmanX does not independently store, hold, handle, or transfer customer funds; and
- AML/CFT controls are implemented in coordination with Partner Issuers and relevant compliance service providers.
2. Compliance & Risk Controls
To reduce fraud, money-laundering exposure, sanctions risk, and other financial-crime risks associated with Platform use, CosmanX applies a combination of onboarding, screening, monitoring, and enforcement controls.
| Control Area | CosmanX Approach |
|---|---|
| KYC / KYB | Identity and/or business verification may be required before card functionality is enabled. |
| AML Screening | Screening and compliance checks may be performed through licensed or specialized compliance partners. |
| Sanctions | Access may be restricted for sanctioned persons, OFAC-restricted exposure, FATF high-risk jurisdictions, and locations that do not meet required identification or KYC standards. |
| Monitoring | Automated and manual controls may be used to review transaction behaviour, merchant category codes (MCCs), decline patterns, and other risk indicators. |
| High-Risk Handling | Enhanced Due Diligence or additional supporting information may be requested where abnormal, inconsistent, or higher-risk activity is identified. |
| Termination | Accounts or card access may be restricted or offboarded where fraud, prohibited activity, or material compliance violations are detected. |
3. Suspension or Termination of Card Access
CosmanX may suspend, restrict, or terminate access to virtual-card functionality where risk indicators or compliance concerns require further action.
This may occur where, for example:
- suspicious, fraudulent, or unlawful activity is detected;
- unusually high transaction-decline or chargeback activity is identified; or
- MCC usage, merchant activity, or transaction behaviour indicates potentially fraudulent, prohibited, or otherwise non-compliant use.
Additional verification, documentation, or Enhanced Due Diligence may be required before access can be restored, where reinstatement is available.
4. Contact
For questions relating to AML, risk management, or compliance matters, please contact:
Email: contact@cosmanx.us
COSMANX PTE. LTD.
10 Anson Road
International Plaza
Singapore 079903