Financial Regulatory And Business Checks

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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.

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’).


• Academic and Qualifications verification
• Applicant Integrity Interview
• APRA Disqualified Register check
• APRA Enforceable Undertaking Register Check
• ASIC Banned and Disqualified Register check
• ASIC Enforceable Undertaking Register check
• AFS Licensees Register check
• AFS Licensees and Authorised Representatives Register Check
• Anti-Money Laundering check
• Bankruptcy checks
• Business Interests / Directorships check
• Digital Footprint check
• Employment History verification
• Entitlement to Work check
• Identity Verification
• Nationally Coordinated Criminal History Check (National Police Check)
• Professional Body Membership check
• Reference checks (online, on phone)

Know who you are hiring and mitigate risks to your business by confirming eligibility to work, requisite expertise, qualifications, criminal history, integrity and more. The value of employment screening services extends beyond the on-boarding experience. It can be a regular health check on your organisation’s existing workforce too, by ensuring job specific qualification are current, memberships and licences are valid, police checks are up to date, and industry regulation job requirements continue to be compliant.
Companies such as Cogent Business Solutions conduct employment background screening. We are an accredited body with the Australian Criminal Intelligence Commission and member of the Professional Background Screening Association.
The duration varies as it is subject to employer’s requirements. It is also dependent on the position and the nature of the role. Some positions may only review the last five years of employment, while others may take into consideration 10, 15 or even 20 years of employment history.
Yes, anyone can undergo employment screening providing it is with the applicant’s informed consent. This consent allows the prospective employer company and their agents to complete the employment screening process.

Not sure which background checks to choose?

Businesses face challenges recruiting and retaining employees in today’s fast-paced world. Employees can be the greatest asset or the biggest risk of a business. Employment screening can help increase workforce integrity and trustworthiness. Let’s have a conversation so we can better understand your employment screening requirements.