Recent high-profile events have put the financial industry under a magnifying glass, drawing both public and government attention. Now more than ever, hiring managers feel the heat to choose top-notch team members who are not only highly qualified and knowledgeable but also ethical.
At Global Verification Network, we get what the financial industry needs. We blend our understanding of your sector with our screening know-how to craft a solution tailored to safeguard sensitive data and cut down on risks.
A background check for bank employment doesn’t just help you pick the right hire—it also keeps your workplace safe and secure, shields sensitive info, and ensures compliance with key regulations like the Patriot Act, Sarbanes-Oxley, FDIC, and others, including OFAC and FINRA/NASD/SEC.
Financial Industry Background Checks
What are some common types of background checks for financial institutions? Well, positions like financial services associate, banking manager, or financial consultant might go through a bank or investment banking background check.
With a background screening from Global Verification Network, folks in the banking and financial industry get a treasure trove of info about job candidates. We dig up details on employment and education history, criminal records, previous addresses, and more. Our info is spot-on and up-to-date, and our screening methods tick all the boxes for FDIC background check requirements.
Global Verification Network’s Verification Services for the Financial Industry
Pre-employment screenings are crucial for financial industry hiring managers. They help confirm a candidate’s credentials before making a job offer. Alongside our standard pre-employment background checks, Global Verification Network offers a range of financial screening services that cover:
Anti-Money Laundering: We ensure compliance with regulations like the BSA (Bank Secrecy Act), FCPA (Foreign Corrupt Practices Act), and important mandates such as KYC (Know Your Customer) and CIP (Customer Information Protection).
Commercial Due Diligence: We collaborate with you to gather specific reports necessary to support your business objectives. Our research spans courts and agencies worldwide to provide up-to-date information.
Credit Risk Management: Global Verification Network creates a comprehensive consumer profile of your candidate, enabling you to anticipate future behavior.
Fraud Detection and Prevention: We scour various databases to verify the applicant’s background and uncover any patterns of fraud.
Real Estate: We assist in reducing mortgage fraud by ensuring your portfolio aligns with legislative and regulatory standards.
Frequently Asked Questions About Background Checks
How Is a Background Check Conducted?
If your organization decides to run its background check, there are a few important steps involved. You’ll need to look into court records, review criminal history, and search national databases to gather as much information as possible about the person you’re interested in.
However, handling these tasks internally can consume a significant amount of your team’s time and can be tough to juggle alongside your primary responsibilities. That’s where outsourcing to Global Verification Network comes in. Our team of experts understands the ins and outs of these searches, ensuring that no crucial details slip through the cracks.
What Kind of Information Is Most Important for Banks and Financial Institutions?
Apart from confirming a candidate’s work experience, education, and essential qualifications, banks ought to ensure that the applicant doesn’t have a criminal record related to financial offenses. Neglecting to uncover such details could leave the door wide open to liability if there’s ever an FDIC investigation.
Is There a Time Limit for How Far Back a Background Check Can Span?
Under the Fair Credit Reporting Act, background checks aren’t allowed to include details about arrests that didn’t lead to convictions if they’re over seven years old. However, this rule doesn’t apply to convictions—they can be reported regardless of how long ago they happened.
What Should You Do if a Background Check Uncovers a Red Flag?
Apart from financial offenses like money laundering or breach of trust, it’s your call whether to proceed with the hiring process if you come across a red flag. If you opt not to move forward, you need to inform the applicant of your decision and the reasons behind it.
They’ll typically have around five business days to address any errors or inaccuracies found in the background check. If you still choose not to hire them, you must furnish them with an official adverse action letter.
Why Choose Global Verification Network?
When you choose Global Verification Network as your partner in the financial services background check process, you lower the risk of making costly hiring mistakes that could damage team morale and your business reputation. Bad hires can also leave your organization vulnerable to negligent hiring lawsuits.
By conducting thorough candidate screenings, you enjoy several benefits, including:
- Verifying candidate credentials and personal information
- Improving safety and security for your employees, vendors, and customers
- Saving costs by reducing employee turnover
- Being able to extend job offers to exceptional candidates swiftly
As one of the nation’s leading background screening providers for the financial industry, Global Verification Network boosts your confidence in hiring decisions.