In brief
On 12 December 2023, the Monetary Authority of Singapore (MAS) announced in the Response to Feedback Received on Proposals to Mandate Reference Checks that it will proceed with the proposal to require financial institutions (FIs) to conduct and respond to reference checks. The reference check requirements have been introduced following the MAS’ June 2021 public consultation on proposals to mandate reference checks. In this regard, the MAS set out:
- The scope of application
- The extent of the requirement to conduct and respond to reference checks
- Record keeping requirements
- The implementation and transitional period
An overview of the requirement to conduct and respond to reference checks can be accessed here.
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