MAS Issues Consultation Paper on Proposals to Mandate Reference Checks

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The Monetary Authority of Singapore (MAS) released consultation paper P006 proposing to require financial institutions to conduct reference checks and respond to reference check requests based on a set of minimum mandatory information.

Deadline for comment is June 25, 2021.

The consultation aims to address the issue of ‘rolling bad apples’ individuals that engage in misconduct with one firm, moving to another without disclosing their earlier misconduct.

Reference checks would be required for:

 

·         Individuals in a risk taking function

·         Individuals in risk management and control functions

·         Individuals performing critical system administration

·         Individuals who can authorise or approve payments (excluding small payments)

 

What period does it cover?

The look back provision to be applied is proposed to be 5 calendar years, not years of employment.

 

A reasonable assessment of fitness and properness will need to be considered where the candidate was outside of Singapore during the 5 year period.

 

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