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MAS Consultation Paper on Consultation Paper on Proposals to Mandate Reference Checks
(Respond by 14 June 2021)

View full consultation paper here

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* 1. Question 1. MAS seeks comments on the scope of FIs to be subject to the reference checks requirements.

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* 2. Question 2(i).
MAS seeks comments on:
the scope of employees for which FIs are required to perform reference checks, and respond to requests for reference checks, in particular:

a. Whether the scope of employees should be aligned to Option 1 in paragraph 4.3 or Option 2 in paragraph 4.4. Specifically, the functions that should be scoped out under Option 2, and justifications for doing so.

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* 3. Question 2(i).
MAS seeks comments on:
the scope of employees for which FIs are required to perform reference checks, and respond to requests for reference checks, in particular:

b. Suggestions on other possible approaches with respect to the scope of employees that MAS should consider when finalising the proposal.

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* 4. Question 2(ii).
MAS seeks comments on:
the appropriate definition or threshold on what constitutes a small payment under paragraph 4.3(iv).

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* 5. Question 3(i)
MAS seeks comments on:
the period, i.e. for the past five years, for which reference check information must be sought and furnished.

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* 6. Question 3(ii)
MAS seeks comments on:
the mandatory information FIs are required to provide in response to reference check requests for individuals who fall within the scope of these requirements under Section 4.

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* 7. Question 3(iii)
MAS seeks comments on:
the timeline of 21 calendar days for responding to reference check requests.

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* 8. Question 3(iv).
MAS seeks comments on:
the right for individuals to view the references prepared, including potential challenges in operationalising such a requirement and any suggestions on how this requirement could be implemented.

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* 9. Question 4. MAS seeks comments on the approach to hiring from companies located outside Singapore, non-financial sectors or FIs in Singapore but outside the scope of FIs described in paragraph 3.1.

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* 10. Question 5. MAS seeks comments on the requirement to maintain records specified in paragraph 5.3 for all employees, with the exception of ancillary service personnel such as drivers, food and beverage personnel and clerical personnel, for a minimum period of five years.

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* 11. Question 6. MAS seeks comments on the expectations for FIs to establish robust internal investigation and disciplinary processes to facilitate the provision of fair and accurate responses to reference check requests.

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* 12. Question 7. MAS seeks comments on the mode of implementation of the requirements proposed in this paper.

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* 13. Question 8. MAS seeks comments on the transitional period of six months to implement the requirements proposed in this paper.

MAS Consultation Paper on Consultation Paper on Proposals to Mandate Reference Checks
(Respond by 14 June 2021)

Question Title

* 1. Question 1. MAS seeks comments on the scope of FIs to be subject to the reference checks requirements.

Question Title

Question Title

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* 4. Question 2(ii).
MAS seeks comments on:
the appropriate definition or threshold on what constitutes a small payment under paragraph 4.3(iv).

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* 5. Question 3(i)
MAS seeks comments on:
the period, i.e. for the past five years, for which reference check information must be sought and furnished.

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* 6. Question 3(ii)
MAS seeks comments on:
the mandatory information FIs are required to provide in response to reference check requests for individuals who fall within the scope of these requirements under Section 4.

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* 7. Question 3(iii)
MAS seeks comments on:
the timeline of 21 calendar days for responding to reference check requests.

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* 8. Question 3(iv).
MAS seeks comments on:
the right for individuals to view the references prepared, including potential challenges in operationalising such a requirement and any suggestions on how this requirement could be implemented.

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* 9. Question 4. MAS seeks comments on the approach to hiring from companies located outside Singapore, non-financial sectors or FIs in Singapore but outside the scope of FIs described in paragraph 3.1.

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* 10. Question 5. MAS seeks comments on the requirement to maintain records specified in paragraph 5.3 for all employees, with the exception of ancillary service personnel such as drivers, food and beverage personnel and clerical personnel, for a minimum period of five years.

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* 11. Question 6. MAS seeks comments on the expectations for FIs to establish robust internal investigation and disciplinary processes to facilitate the provision of fair and accurate responses to reference check requests.

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* 12. Question 7. MAS seeks comments on the mode of implementation of the requirements proposed in this paper.

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* 13. Question 8. MAS seeks comments on the transitional period of six months to implement the requirements proposed in this paper.

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* 14. CFA ID (Optional)

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* 15. Please fill in your particulars below:

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* 16. I wish to keep the following confidential (Optional):

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* 1. Question 1. MAS seeks comments on the scope of FIs to be subject to the reference checks requirements.

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* 4. Question 2(ii).MAS seeks comments on:the appropriate definition or threshold on what constitutes a small payment under paragraph 4.3(iv).

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* 5. Question 3(i)MAS seeks comments on:the period, i.e. for the past five years, for which reference check information must be sought and furnished.

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* 6. Question 3(ii)MAS seeks comments on:the mandatory information FIs are required to provide in response to reference check requests for individuals who fall within the scope of these requirements under Section 4.

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* 7. Question 3(iii)MAS seeks comments on:the timeline of 21 calendar days for responding to reference check requests.

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* 8. Question 3(iv).MAS seeks comments on:the right for individuals to view the references prepared, including potential challenges in operationalising such a requirement and any suggestions on how this requirement could be implemented.

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* 9. Question 4. MAS seeks comments on the approach to hiring from companies located outside Singapore, non-financial sectors or FIs in Singapore but outside the scope of FIs described in paragraph 3.1.

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* 10. Question 5. MAS seeks comments on the requirement to maintain records specified in paragraph 5.3 for all employees, with the exception of ancillary service personnel such as drivers, food and beverage personnel and clerical personnel, for a minimum period of five years.

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* 11. Question 6. MAS seeks comments on the expectations for FIs to establish robust internal investigation and disciplinary processes to facilitate the provision of fair and accurate responses to reference check requests.

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* 12. Question 7. MAS seeks comments on the mode of implementation of the requirements proposed in this paper.

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* 13. Question 8. MAS seeks comments on the transitional period of six months to implement the requirements proposed in this paper.

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* 14. CFA ID (Optional)

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* 15. Please fill in your particulars below:

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* 16. I wish to keep the following confidential (Optional):

* 4. Question 2(ii).
MAS seeks comments on:
the appropriate definition or threshold on what constitutes a small payment under paragraph 4.3(iv).

* 5. Question 3(i)
MAS seeks comments on:
the period, i.e. for the past five years, for which reference check information must be sought and furnished.

* 6. Question 3(ii)
MAS seeks comments on:
the mandatory information FIs are required to provide in response to reference check requests for individuals who fall within the scope of these requirements under Section 4.

* 7. Question 3(iii)
MAS seeks comments on:
the timeline of 21 calendar days for responding to reference check requests.

* 8. Question 3(iv).
MAS seeks comments on:
the right for individuals to view the references prepared, including potential challenges in operationalising such a requirement and any suggestions on how this requirement could be implemented.