Regulatory Alerts2018-10-08
Added
CMI 01/2011 Due Diligence Checks and Documentation for Representatives
The Monetary Authority of Singapore issues this circular to require financial institutions to conduct rigorous due diligence checks and maintain proper documentation when appointing representatives. The guidance mandates that institutions verify the fitness and propriety of candidates through identity verification, probity searches, financial status checks, and conflict assessments. Additionally, financial institutions must ensure ongoing competence through adequate training and implement periodic declarations to monitor the continued suitability of their representatives.
Topics
Share