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Hong Kong and Singapore finetune schemes to stop rolling bad apples, yet ambiguities remain

Hong Kong and Singapore regulators have issued further guidance on mandatory reference checking (MRC) schemes to address the problem of “rolling bad apples” in financial institutions (FIs), but questions remain about operational details. Earlier this month, both the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) published their consultation conclusions on the implementation of their MRC…

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