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Financial Regulatory and Business Checks

Financial Regulatory and Business Checks

Financial Regulatory checks are generally applied to candidates involved with the management and financial components of an organisation such as senior executives, directors, financial officers and investment bankers. Certain regulated industries, such as financial services or banking require these checks to be completed.

VerifyNow Financial Regulatory checks include:

Business Interests / Directorship Check

Does the applicant have an interest in other businesses that might cause a conflict of interest in the role they are applying for? This check is commonly used for positions such as directors, managers and other decision-making roles.

Information is obtained from the Australian Securities & Investments Commission (ASIC) and will include the following details:

• Name of any company they have been involved in
• Positions held
• Dates of appointment.

Bankruptcy Check

The Bankruptcy Register Search (BRS) is an online service to access personal insolvency information about individuals directly from the National Personal Insolvency Index (NPII).

The NPII is under the responsibility of the Australian Financial Security Authority (AFSA).

The NPII provides information about individuals who have been subject to proceedings under the Bankruptcy Act 1966 from August 1928. It does not include any information on company liquidations or administrations.

APRA Disqualified Register check

Lists individuals who have been disqualified from holding prudentially significant roles within APRA-regulated industries such as the Australian authorised deposit-taking, general insurance and superannuation industries.

APRA Enforceable Undertakings Register check

The APRA Enforceable Undertaking Register lists all enforceable undertakings APRA has accepted from individuals or entities since 1 January 2005.

ASIC Banned and Disqualified Register check

The Australian Securities Investment Commission (ASIC) Banned and Disqualified Register check provides information about people and organisations that ASIC has disqualified or banned.

ASIC Enforceable Undertaking Register check

ASIC Enforceable Undertaking Register check reveal if the candidate has ever been subject to undertakings accepted by ASIC and enforceable in a court. An undertaking is generally accepted by ASIC as an alternative to civil or administrative action where there has been a contravention of the legislation administered by ASIC.

AFS Licensees Register check

The AFS Licensees Register check is conducted through the Australian Securities and Investments Commission (ASIC) to ensure that the applicant is an authorised AFS licence holder. Any business or person that offers or advises you about financial product must hold an Australian Financial Services (AFS) licence.

AFS Licensees and Authorised Representative Register check

This involves a search of ASIC’s register of Australian Financial Services licensees to validate whether the candidate holds an AFS licence or is authorised as a representative by an AFS licensee. Under the Financial Services Reform (FSR) Act, an AFS licence is required if an entity is providing, or intending to provide, financial services.

Anti-Money Laundering check

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), and the Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules) aim to prevent money laundering and the financing of terrorism by imposing a number of obligations on the financial sector, gambling sector, remittance (money transfer) services, bullion dealers and other professionals or businesses (known as ‘reporting entities’) that provide particular services (known as ‘designated services’).