The Monetary Authority of Singapore (“MAS”) proposed to require financial institutions (“FIs”) to conduct reference checks and respond to reference check requests on prospective representatives1, in the Consultation Paper on “Revisions to Misconduct Reporting Requirements and Proposals to Mandate Reference Checks for Representatives” issued in July 20182. The Consultation Paper stated that MAS would consider introducing similar mandatory reference check requirements to a broader segment of the financial industry, beyond representatives.

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