Question

MAS has recently announced that it will introduce a new digital platform (COSMIC) for financial institutions to share customer and transaction information with each other, to enhance its combat against money laundering, terrorism financing, and proliferation financing. Refer to the following links and their associated attachments:

• Assess the benefits of introducing COSMIC.
• Evaluate if there are risks or limitations associated with COSMIC.
• Formulate a response to address the identified risks/limitations.