'Employers may also consider previous offences, if relevant to the role that the individual is applying for'
The Monetary Authority of Singapore (MAS) has reiterated that it is not imposing a blanket restriction on recruiting ex-offenders within the financial industry.
Deputy Prime Minister and MAS Chairman Gan Kim Yong said ex-offenders who have not received any prohibition order may be employed by a financial institution (FI) if they have been assessed to be fit for the role.
"The FI may consider the seriousness and circumstances of the previous offence, and time elapsed since the offence, if relevant to the duties and responsibilities of the role," Gan said.
The MAS chairman made the remarks in response to an inquiry over hiring ex-offenders in FI.
According to Gan, the authority only issues prohibition orders to individuals who have committed serious offences or misconduct in the financial industry.
"These individuals are, for a period of time, barred from conducting regulated financial activities and may not take part in the management of a financial institution or act as its director," the chairman said.
Individuals without prohibition orders, or those with expired prohibition orders, may be employed by an FI, Gan noted.
The MAS chairman said ex-offenders who have encountered discriminatory hiring by the FI can reach out to the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) for advice and assistance.
"Where there are breaches of the TGFEP (Tripartite Guidelines on Fair Employment Practices), TAFEP will require the employer to address the complaints and correct its employment practices," Gan said. "In egregious cases, TAFEP will report the case to the Ministry of Manpower to take further action."
Employers in Singapore are expected to adhere to the Tripartite Guidelines on Fair Employment Practices, according to Gan.
"They should recruit fairly on the basis of merit and in a non-discriminatory manner. Employers may also consider previous offences, if relevant to the role that the individual is applying for."
