The Monetary Authority of Singapore (MAS) has issued a Consultation Paper on Proposals to Mandate Reference Checks. -

All financial institutions and entities regulated by the MAS are proposed to be required to carry out reference checks and to keep conduct records on the majority of their employees. If the proposed regime is implemented without change, it will mean that Singapore’s reference checks regime will be substantially aligned with that which is currently in place in the UK as well as that which is being implemented in Hong Kong. The consultation paper was issued on 14 May 2021 and closes on 25 June 2021.