Help - Onboarding screening for Bank as contractor

[radish2008]

I went through bank vetting about 9 months ago - they hired two companies and it was a pain in the arse. Most vetting is outsourced I think now. The whole process took about 6 weeks and they went down to the level of wanting to see my company bank accounts to check I was paid by companies that I said I had worked at.

[ImaginativeTruth]

Bank Vetting is very very thorough and is getting tighter:

As a minimum you will need:

5 years address history to the day, month and year
5 years employment history to the day, month and year with names, addresses, phone and email addresses of contacts
- explanation of any employment gaps over 30 days with evidence of travel or training or other etc
3 forms of ID to include Passport, Drivers licence and Address proofs - including all document numbers, scanned copies of documents, and sight of originals.
Agreement to Credit Check which (for one client) included permission for them to interview family, friends and neighbours
Agreement to Criminal Check
All company documents/ insurances as usual...

Plus you need to give disclosures on:
How often and to what extent you've been in overdraft in last 12 months
If you have any debt defaults, had CCj's, reached a debt settlement, paid in full settlements in 12 months of demand, been bankrupt
If your company has liabilities and their nature
If you have any court actions pending, in progress or likely of any kind or have reasonable expectation of any to be taken involving you (defending or prosecuting) - this is any court action excluding minor parking matters
If you have been a regulated person, or worked for a regulated entity and in what capacity
If you have left a company at any time for disciplinary, underperformance or whilst on performance management

The supplementary questions / disclosures are usually 50 or so.

Having yes to any of the above is not a problem usually, but being caught lying or having a check show the opposite of what you could reasonable of known to be true, WILL get you blackballed and blacklisted by the agent and the client permanently.

You pays your money and you takes your chances....

[Cirrus]

Bank Vetting is very very thorough and is getting tighter:

As a minimum you will need

I was recently based on Floor 33 at HSBC HQ (which has special vetting requirements) and didn't have half of what you listed. So no way a minimum.

[radish2008]

I was recently based on Floor 33 at HSBC HQ (which has special vetting requirements) and didn't have half of what you listed. So no way a minimum.

Agreed. Although I don't work on the banking side ...

[LondonManc]

I was recently based on Floor 33 at HSBC HQ (which has special vetting requirements) and didn't have half of what you listed. So no way a minimum.

Correct. Way over the top. Another one with a fantasy username.

[MyUserName]

I was recently based on Floor 33 at HSBC HQ (which has special vetting requirements) and didn't have half of what you listed. So no way a minimum.

Have been checked numerous times by different employers and did not get half of that either.

[LondonManc]

Have been checked numerous times by different employers and did not get half of that either.

Yep - standard credit check, five years engagement/employment history, five years address history, only significant gap I had was summer 2012, which wasn't asked about other than a statement confirming that I was looking for other contracts.
Needed ID check - birth certificate, driving licence, utility bill, etc.

No to the extensive checks on liabilities, cashflow, etc (my spending habits shouldn't be anybody else's business as long as I'm solvent, surely?)

[northernladuk]

No to the extensive checks on liabilities, cashflow, etc (my spending habits shouldn't be anybody else's business as long as I'm solvent, surely?)

Depends if coke and hookers has a reputational problem for your client.

[LondonManc]

Depends if coke and hookers has a reputational problem for your client.

I've never been caught doing either.

[BoggyMcCBoggyFace]

Most if not all (even for contractors) will ask to see evidence of your highest level of education so if you have claimed a 1st class from Oxford make sure you have the physical degree certificate to bring in so they can check.