Background Screening for Financial Institutions
We know how important a thorough and accurate background check is to all industries, especially the financial sector. When employees have access to such sensitive data, it’s imperative that you get the fullest picture of your candidates. Plus, hiring for open positions in a financially regulated institution may cause influxes in compliance about what needs to be run and what should show in a background check.
Section 19 Compliant Background Checks
We’ve worked hard to offer background checks that are compliant with both Section 19 and FINRA requirements, as we know that certain searches are vital for financial sectors. Section 19 of the Federal Deposit Insurance (FDI) Act (12 U.S.C. 1829), enacted by the U.S. Congress in 1950, generally prohibits individuals convicted of certain crimes from becoming employed by, or participating in the affairs of, an FDIC-insured depository institution (IDI). This lifetime prohibition applies to any person convicted of, or who has entered into a Program Entry for, a criminal offense involving dishonesty, breach of trust, or money laundering. However, under certain circumstances, the law permits the FDIC to grant written consent to allow a covered individual to be employed by or participate in the affairs of an IDI. You can read more about this in Your Guide to Section 19 by the FDIC here.
Approved background checks that fall in line with Section 19 and FINRA requirements include:
- Social Security Trace (goes by many names; we call ours an Identification Report)
- Federal criminal searches in jurisdictions lived in the last 7 years
- County criminal searches in jurisdictions lived in the last 7 years
- MultiState Criminal database, which includes OIG, OFAC, and many sanctions lists
If you’ve visited our Pricinator, you’ll note that this aligns perfectly with our Comprehensive package.
Of course, we also offer plenty of other services that fit right in with what financial institutions may feel the need to be searching for. And if you don’t see what you’re looking for below, just ask us – chances are we offer it (and we’re always looking for new solutions to add to our repertoire!).
Working with HR everyday, we know how important integrating all of your ATS, HRIS, and HCM technologies is. It’s why we partner with some of the top systems out there, including industry favorites like iCIMS, UKG (Pro and Ready), and Workday. With 50+ integrations currently offered, we’re sure there’s one that aligns with your team’s needs!
Verification and Credentialing
No matter what type of credentialing you’re looking for, chances are Atlantic is more than happy to offer it! Verifying previous employment or education history is something that is incredibly important to financially regulated institutions. Perhaps you’re interested in Anti-Money Laundering (AML) or Know Your Customer (KYC) for your screening needs? Read more about these emerging searches in our industry!
We offer electronic Chain of Custody 5-panel, 10-panel, and DOT drug screening for your convenience. With an all-inclusive fee that includes MRO review, Atlantic utilizes all Quest and Labcorp locations across the United States, and internationally too. We also offer the ability to customize panels, such as removing THC from showing in a drug screening.
Even when you’re doing a thorough background check when you hire, what happens after they secure a spot with your institution? Ongoing criminal monitoring could be the answer to identifying and mitigating risk before it affects your institution.