The Importance of Background Checks for Jobs in the Financial Industry

When they hire new workers, employers want to make sure they are choosing people who are well qualified. They also want to make sure their employees are honest and will not take advantage of their positions to commit crimes against the business or its customers. Hiring the right employees is especially important in the financial industry, where workers may have access to cash, bank accounts, credit card information, or retirement accounts that they could potentially use to steal and enrich themselves.

Why You Need to Conduct a Background Check on a Job Applicant

If you are a manager at a bank, credit union, financial planning firm, or credit card company and you are thinking about hiring a new employee, you should conduct a thorough background check first. That can allow you to uncover vital information that can let you know if an individual can be relied upon to act ethically or if the person could pose a threat to the business or to your customers.

Criminal Records and Jobs in the Financial Industry

You should conduct a thorough background check before you hire anyone for a new position. This should include a verification of the person’s identity, education, and past employment. You should conduct a check of criminal records to find out if the individual has been convicted of any crimes. You should be especially wary if a job applicant has been convicted of a crime involving theft, fraud, or embezzlement. These are red flags that could indicate that a person may not be trustworthy.

Some employers are willing to give applicants with criminal records a second chance, but federal law may prohibit that in the case of financial companies. The Federal Deposit Insurance Act prohibits federally-insured banks from hiring job applicants who have been convicted of theft, embezzlement, money laundering, or crimes involving dishonesty in order to protect customers and their money. Some financial companies also exclude applicants who have been convicted of other types of crimes.

Why You Should Conduct a Credit Check

You should also conduct a credit check before hiring someone to work with money. A job applicant who is buried in debt may be more inclined to steal than someone who is able to pay bills on time. That is not to say that all people who are in debt are dishonest, but you could be putting your company and your customers’ funds at risk if you hire someone with serious financial problems.

Contact DataCheck for Help with Pre-Employment Background Checks

DataCheck has helped many types of businesses all over the United States conduct background checks on job applicants. If you are planning to hire someone to handle money, you have a responsibility to your company and to your customers to conduct a thorough background check so you can make an informed hiring decision and choose the best candidate possible. Contact DataCheck today to learn more about our background check services.