PeopleFacts is a leader in Financial Services Background Screening

When individuals or businesses entrust their financial information and resources to an institution—be it a bank, credit union, insurance or accounting firm—the customer is putting a great deal of trust in not just the institution, but the people that they employ.

There is, of course, a great deal at stake when an individual or company allows a third party to manage their finances, as well as all the personal information that accompanies it.

Little wonder, then, that banking pre-employment screening for employees is not only highly desirable, it’s also mandated by law. 

The financial services sector is one of the nation’s most highly regulated industries, and part of those regulations specifically dictate the type of individuals who may—or may not—be employed by financial companies. PeopleFacts has a long history of partnering with financial services companies to assist and guide them through the bank employee screening process.

Under federal law, the Federal Deposit Insurance Corporation (FDIC) provides guidance to financial institutions on how to develop effective criminal background checks for bank employees. The FDIC promotes these checks as an effective method of ‘risk management’, by which they say financial services companies can ensure that the information provided by job candidates is accurate and true; it’s also more than a suggestion, as stated under Section 19 of the Federal Deposit Insurance Act (FDIA).

FDIC’s Strict Rules Govern Financial Services Employment

Bank employee background screening is strictly regulated by the FDIC; the verbiage in Section 19 of the FDIA leaves little doubt about its intent: 

“Section 19 of the Federal Deposit Insurance Act prohibits any person who has been convicted of any criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution, from becoming or continuing as an institution-affiliated party; owning or controlling, directly or indirectly, an insured institution; or otherwise participating, directly or indirectly, in the conduct of the affairs of an insured institution without the prior written consent of the FDIC.”

Lest there be any doubt as to the clear intent of the FDIA rules, the FDIC also states in no uncertain terms that “…a pre-employment background screening process should be established by all financial institutions that, at a minimum, uncovers information regarding a job applicant's convictions and program entries to ensure that only appropriate persons are employed, or that an application for FDIC consent is sought, if applicable..”

PeopleFacts' bank employee background screening is structured to ensure that all candidates under consideration for employment in the financial services sector meet all the prerequisites for good character as outlined by the FDIA.

Background employment screenings for banking, insurance and accounting verify education and licenses, but also check for fraud and credit scores.

PeopleFacts financial services pre-employment screening specialization includes:

  • Banking Pre-employment Screening
  • Brokerage Pre-employment Screening
  • Financial Advisor Pre-employment Screening
  • Credit Union Pre-employment Screening
  • Collection Agency Pre-employment Screening
  • Insurance Services Pre-employment Screening
  • Investment Banking Pre-employment Screening
  • Loan Officer Pre-employment Screening
  • Personal Banking Screening

PeopleFacts’ bank employee background screening services of particular interest to the financial services industry include:

See a full list of PeopleFacts employee background screenings in Solutions.

When an individual or business entrusts their financial resources--and related information—to an institution, they rightfully expect their finances and information to be in the hands of trustworthy, honest individuals as dictated by FDIC laws.

PeopleFacts’ banking pre-employment screening services can play an integral role in ensuring that financial service customers’ trust is both deserved--and well placed.