Summary
On 12 December 2023, the Monetary Authority of Singapore (MAS) announced the approval of the proposal to require financial institutions (FIs) to conduct and respond to reference checks. This decision comes after MAS’ public consultation in June 2021. The MAS outlined the scope of application, extent of the requirement, record-keeping requirements, and the implementation and transitional period.
- Scope of application
- Extent of the requirement to conduct and respond to reference checks
- Record-keeping requirements
- Implementation and transitional period
More details about the requirement to conduct and respond to reference checks can be accessed here.
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