The new requirements will come into effect one year after publication of the relevant Notices, which will first be subject to consultation.
December 13, 2023Capital markets firms must ensure proposed CEOs and directors are fit and proper and have 10 years of experience that is "relevant" to the role.
December 9, 2023The regime requires banks to conduct mandatory reference checks to fill specified positions, to address the issue of 'rolling bad apples'.
May 4, 2023BNM is working with industry associations to develop a centralised database of agents to ease the due diligence and reference-checking requirements.
April 18, 2023Banks have until 2 May 2023 to put in place the necessary internal controls, policies and procedures required for Phase 1 implementation of the MRC regime.
May 9, 2022Insurers and takaful operators must undertake a due diligence process that includes reference checks with all of an agent's current and former employers.
April 30, 2022MAS proposes to expand the scope of FIs and employees subject to the mandatory reference checking regime. FIs will have to maintain records for all employees.
May 17, 2021