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COSMIC Digital Platform Overview

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Questions and Answers

What is the purpose of the digital platform COSMIC launched by the Monetary Authority of Singapore (MAS)? (Select all that apply)

So that banks in Singapore can share money laundering and terror financing related data of their customers with each other on a mandatory basis

So that banks in Singapore can share money laundering and terror financing related data of their customers with each other on a voluntary basis (correct)

So that regulators across jurisdictions can share money laundering related data with each other

So that regulators across jurisdictions can share green-washing related information under the overall aegis of BCBS

Study Notes

COSMIC Digital Platform Overview

COSMIC is a digital platform recently launched by the Monetary Authority of Singapore (MAS).
Intended for sharing information across jurisdictions to combat green-washing activities.
Aligns with the broader objectives established by the Basel Committee on Banking Supervision (BCBS).

Key Features of COSMIC

Facilitates voluntary data sharing among banks in Singapore regarding money laundering and terrorism financing.
Aims to enhance collaboration and transparency in financial activities among participating banks.

Regulatory Context

COSMIC supports regulators in sharing money laundering-related data effectively.
Strengthens the overall framework for combating financial crimes and ensuring compliance with regulatory standards.

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Description

This quiz explores the recently launched COSMIC platform by the Monetary Authority of Singapore. It focuses on the purpose and functions of the platform regarding data sharing for money laundering and terror financing among banks. Test your understanding of this significant financial regulatory initiative.