Authors: Peiying Chua Heikes, Evan Lam

MAS finalises proposed requirements on mandatory reference checks

The MAS recently released its responses to feedback received on its proposal to mandate reference checks for financial institutions, following a public consultation back in May 2021.  FIs will be required to carry out mandatory reference checks on certain senior managers and material risk personnel as part of the hiring process. FIs can expect significant operational changes in their employment policies and processes to comply with the new requirements.

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