Financial Services Employment Background Checks

Global Verification Network offers you a wealth of services.

High-profile events in recent years have increased public and government scrutiny of the financial industry. More than ever, the pressure is on hiring managers to select highly qualified, knowledgeable and ethical team members.

Global Verification Network understands the needs of the financial industry. We combine knowledge of your industry with our experience and expertise in screening to customize a solution that protects sensitive data and reduces your risks.

A bank employment background check helps you make an informed hiring decision, preserve a safe and secure workplace, protect sensitive data, and maintain compliance with the Patriot Act, Sarbanes-Oxley, FDIC (Federal Deposit Insurance Corporation) and other regulators — such as OFAC (Office of Foreign Assets Control) and FINRA (Financial Industry Regulatory Authority)/NASD (National Association of Securities Dealers)/SEC (Securities and Exchange Commission).

Financial Industry Background Checks

What are some common types of background checks for financial institutions? Positions that may be screened in a bank background check or an investment banking background check include:

  • Financial services associate
  • Financial services executive
  • Banking associate
  • Banking manager
  • Banking executive
  • Financial consultant

With a Global Verification Network background screening, bank and financial industry personnel gain access to a variety of valuable information about job candidates — including employment and educational historycriminal records, name aliases, previous residential addresses, and other biographical details. We provide you with highly accurate and current information, and our screening procedures comply fully with FDIC background check requirements.

Global Verification Network's Verification Services for the Financial Industry

Pre-employment screenings help financial industry hiring managers verify credentials prior to extending an offer to a candidate. In addition to our regular pre-employment background checks, Global Verification Network provides a comprehensive suite of financial screening services, including:

  • Anti-Money Laundering. We check for compliance with anti-bribery and corruption regulations such as the BSA (Bank Secrecy Act), FCPA (Foreign Corrupt Practices Act), and critical mandates like KYC (Know Your Customer) and CIP (Customer Information Protection).

  • Commercial Due Diligence. We work with you to determine the specific reporting you need to support your business goals. We research courts and/or agencies around the world for current information.

  • Credit Risk Management. Global Verification Network develops a complete consumer profile of your applicant so you can gauge future behavior.

  • Fraud Detection and Prevention. We search numerous databases to confirm the applicant’s background and identify any fraud patterns.

  • Real Estate. Global Verification Network helps you reduce mortgage fraud by ensuring the compliance of your portfolio with legislative and regulatory requirements.

Frequently Asked Questions About Background Checks

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. 

Contact Us to Learn More and to Get Started Today

If you are searching for a vetting company to provide you with the detailed information you need to help make more informed decisions about a prospective employee, prospective tenant, business partner or financial professional, Global Verification Network can help.

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