How is a background check conducted?
If your organization chooses to conduct a background check on your own, there are several key steps in the process. These include examining court records, checking criminal records and scouring national databases to find out as much as possible about the individual in question.
This can consume a lot of your team’s time and can be challenging to balance with your core duties. This is why outsourcing these tasks to Global Verification Network makes the most sense. Our experts know what it takes to perform these searches without overlooking important information.
What kind of information is most important for banks and financial institutions?
In addition to verifying a candidate’s employment history, education and other necessary credentials, banks should also make sure the applicant does not have a criminal record for any financial crimes. Failure to discover this type of information opens the door to liability in the event of an FDIC investigation.
Is there a time limit for how far back a background check can span?
According to the Fair Credit Reporting Act, background checks cannot include any information concerning arrests that did not result in conviction that are more than seven years old. This does not apply to convictions, which can be reported no matter how long ago they occurred.
What should you do if a background check uncovers a red flag?
Except for financial crimes such as money laundering or breach of trust, it is up to you to determine whether to continue with the hiring process if you find a red flag. If you choose not to move forward, you must notify the applicant of your decision and why. The applicant will be given about five business days to correct any mistakes or false information found in the background check. If you still decide not to hire that person, you must provide him or her with an official adverse action letter.
Why Choose Global Verification Network?
When you select Global Verification Network as your partner in the financial services background check process, you reduce the chances of making a costly hiring mistake that can harm team morale and your business reputation. Bad hires also can expose your organization to negligent hiring litigation.
By engaging in thorough candidate screening, you gain a number of advantages, such as:
- Verification of candidate credentials and biographical information
- Enhanced safety and security for your employees, vendors and customers
- Cost savings from reduced employee turnover
- Ability to extend employment offers to exceptional candidates quickly
As one of the nation’s leading background screening providers serving the financial industry, Global Verification Network enhances your ability to hire with confidence.
