What are financial background checks?
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.
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 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.
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.
Why process pre-employment checks with DDC?
- Quick and free set-up – you can be processing your checks the same day with DDC’s free registration and set-up.
- Support and advice – you will have access to DDC’s experienced Customer Service Team providing support and advice for all your checks.
- Service to suit your needs – with bespoke packages and a flexible system, DDC can accommodate all sectors and organisations.
- Secure and reliable – DDC’s system and processes have obtained ISO9001 and ISO27001 accreditation promising you a secure and reliable service.
- Single management interface – manage all your checks with a single interface, using our dynamic Client Area.
- User friendly platform – applicants complete an easy to use online ‘Smart Form’ making your on-boarding process quick and easy.
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.
Ask the Experts
If you require a bespoke pre-employment package, our online platform is designed to be flexible to match your requirement. If you have any questions please contact the team on 0116 260 3055 | 0845 644 3298 or email firstname.lastname@example.org