Financial Background Checks

Implement financial background checks to assess candidates' financial histories, ensuring compliance with industry standards and safeguarding your organisation against financial mismanagement and reputational risks.

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Why choose DDC?

Know your candidate’s background
with a DDC financial check

Financial background checks assess the financial history of an individual by highlighting any mismanagement of their day-to-day finances. Typically financial background checks include an adverse credit check or a sanctions check which highlights any restrictions placed on the applicant by government or regulator databases.

Due Diligence Checking Limited can support you whether you require checks to meet industry standards, such as FCA, AML, or general best practice guidance. We commonly assist clients to screen candidates who perform roles that involve the management of internal budgets or your client’s finances.

Requesting financial background checks on employees provides you with the confidence of knowing the financial soundness of your candidate. It also demonstrates to your clients, that you take compliance seriously, and that their finances will be handled by a team with a sense of financial responsibility. Financial checks can play an important role in your pre-employment screening process to ensure you are not exposed to any financial loss and to help protect your organisations reputation.

Adverse credit check
A UK-based check, providing a ‘soft search’ of an individual’s financial history. The search does not impact the candidate’s credit rating and highlights any County Court Judgments, insolvency, and bankruptcy records. An adverse credit check will also confirm the candidate’s current address by searching electoral roll information.

Sanctions check
A global search of a large range of government and international databases, that highlights restrictions placed on individuals who have committed financial crimes or misconduct. A number of publicly available databases are searched which include HM Treasury, UN, EU and OFAC sanctions lists.

Utilising DDC’s sanctions check ensures you have the most up-to-date data from multiple sources in one search. The sanction check includes a search of politically exposed persons (PEPs) who may be considered high-risk.

Why have financial background checks?

Financial background checks assess an individual’s financial history to identify any mismanagement of their day-to-day finances. These checks typically include adverse credit checks, which reveal County Court Judgments and insolvency records, and sanctions checks, which identify any restrictions placed on the applicant by government or regulatory databases. Conducting these checks is essential for organisations to ensure compliance with industry standards such as those set by the Financial Conduct Authority (FCA) and Anti-Money Laundering (AML) regulations.

By evaluating a candidate’s financial responsibility, employers can mitigate risks associated with financial mismanagement, protect their organisation’s reputation, and demonstrate to clients a commitment to compliance and prudent financial stewardship. Incorporating financial background checks into the pre-employment screening process helps organisations avoid potential financial losses and ensures that individuals handling internal budgets or clients’ finances are trustworthy and reliable.

Who should have financial background checks?

Organisations that should utilise financial background checks include those operating within regulated industries such as finance, banking, and insurance, where compliance with standards set by bodies like the Financial Conduct Authority (FCA) and Anti-Money Laundering (AML) regulations is mandatory. Additionally, any company employing individuals in roles that involve managing internal budgets or handling clients’ finances would benefit from these checks to ensure financial responsibility and mitigate risks associated with financial mismanagement.

Implementing financial background checks demonstrates to clients and stakeholders a commitment to compliance and prudent financial stewardship, thereby protecting the organisation’s reputation and reducing the potential for financial loss. By incorporating these checks into the pre-employment screening process, organisations can make informed hiring decisions, ensuring that candidates entrusted with financial responsibilities are trustworthy and reliable.

Register your organisation

Registering with Due Diligence Checking (DDC) is a straightforward process that offers numerous benefits for organisations requiring criminal record checks and pre-employment screening. DDC provides true online processing, ensuring a seamless and efficient experience. Our commitment to safety and security means your sensitive data is handled with the utmost care. As an ISO9001 and ISO27001 registered organisation, DDC upholds high standards of quality assurance.

Registration is free, and the setup process is quick, allowing you to start processing checks promptly. Whether you're a small charity or a large corporation, DDC's services are tailored to meet your specific needs, providing support and advice throughout the process.

By partnering with DDC, you can manage your checks and screenings efficiently, ensuring compliance and safeguarding within your organisation.

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Some common questions

We’ve gathered together a large collection of the most common questions we get asked. You can see them all in our FAQ section. We’ve included a few of the most popular below.

What types of financial background checks are available?

Adverse credit check

A UK based check, providing a ‘soft search’ of an individual’s financial history. The search does not impact the candidate’s credit rating and highlights to you any:

County Court Judgments
Insolvency records
Bankruptcy records

An adverse credit check will also confirm the candidate’s current address by searching electoral roll information.

Sanctions check

A global search of a large range of government and international databases, that highlights restrictions placed on individuals who have committed financial crimes or misconduct. A number of publicly available databases are searched which include:

HM Treasury Sanctions List
UN Sanctions List
EU Consolidated List of Sanctions
OFAC Sanctions List

Utilising DDC’s sanctions check ensures you have the most up to date data from multiple sources in one search. Included in the sanction check is a search of politically exposed persons (PEPs) who may be considered high risk.

DDC also provide tailored packages to meet FCA requirements to assess the honesty, integrity and reputation of an individual to perform their role.

Should I recheck an employee’s financial background?

It is recommended to recheck the financial position of your employees as over time their financial background can change. Therefore, if you require the most up to date information on an individual’s financial background, completing a recheck is an important part of your internal due diligence to protect your organisation’s reputation and exposure to financial fraud.

Why complete financial background checks?

Requesting financial background checks on employees provides you with the confidence of knowing the financial soundness of your candidate. It also demonstrates to your clients, that you take compliance seriously, and that their finances will be handled by a team with a sense of financial responsibility. Financial checks can play an important role in your pre-employment screening process to ensure you are not exposed to any financial loss and to help protect your organisations reputation.

What are financial background checks?