Reply to: Help - Onboarding screening for Bank as contractor

[LondonManc]

Perhaps it varies from bank to bank then? Certainly the place I'm currently at would have requested an explanation of what you were doing and where you were over that 6 month period.

One of the UK ones takes a self-certification that you were searching for new contracts. Or at least it did last time I was there.

[quackhandle]

Perhaps it varies from bank to bank then? Certainly the place I'm currently at would have requested an explanation of what you were doing and where you were over that 6 month period.

Possibly.

qh

[Lambert Simnel]

Some correct; some a crock of tulip. Have had a few gaps in last 6 years, one over 6 months. Didn't get questioned about any of them when onboarding with current client co. Having an impeccable finance history helps though.

qh

Perhaps it varies from bank to bank then? Certainly the place I'm currently at would have requested an explanation of what you were doing and where you were over that 6 month period.

[uk100]

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

This part is certainly in line with my experience, and will take surprisingly long to put together if you don't have it to hand, or if providing evidence is in any way complicated. For example, if a client or agency no longer exists. Remember it's all outsourced so will be rigid templates and workflow. e.g. may specifically ask for individual line manager details at each client, without explaining what to do if they've left, let alone whether that would be appropriate for an agency contractor.

I estimated 2 full working days in putting it together and responding to queries the first time I went through it. This included people calling me on a BH Sunday demanding same day scans of physical airline tickets (!) for a holiday I took when not working.

Never had any issues with credit/legal side.

[LondonManc]

I think it's just an element of CYA. If it turns out you do actually get blackmailed for price sensitive information by your debtors, at least the Bank can claim they took all reasonable precautions to identify that risk beforehand. In practice, the misbehaviours within the banking industry over the last 10 years have rarely if ever been the sort of thing which this sort of screening would have picked up on.

Fair enough - probably depends how close you are to the trading floors/have the ability get at sensitive information. I work mainly in the credit risk and ops risks space rather than with the trading systems themselves so the information I deal with isn't as, well, "flammable" for want of a better word. I think that as long as you've never defaulted on credit agreements, you're fine - late payments happen sometimes due to issues beyond people's control (having worked in retail banking, I can see why!) so as long as the account is brought up to date quickly, most credit checks don't care about these.

[MrMarkyMark]

Some correct; some a crock of tulip. Have had a few gaps in last 6 years, one over 6 months. Didn't get questioned about any of them when onboarding with current client co. Having an impeccable finance history helps though.

qh

Nutshell

[quackhandle]

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....

Some correct; some a crock of tulip. Have had a few gaps in last 6 years, one over 6 months. Didn't get questioned about any of them when onboarding with current client co. Having an impeccable finance history helps though.

qh

[Lambert Simnel]

Yes, the ticklist was fine for CCJs, convictions, etc - no problem. I just don't see my personal current account as being any of their business.

I think it's just an element of CYA. If it turns out you do actually get blackmailed for price sensitive information by your debtors, at least the Bank can claim they took all reasonable precautions to identify that risk beforehand. In practice, the misbehaviours within the banking industry over the last 10 years have rarely if ever been the sort of thing which this sort of screening would have picked up on.

[LondonManc]

This is actually not far from my experience from being vetted for two different investment banks in the City in the last 18 months. Admittedly some of it (such as the county court judgements) is just a basic Y/N, though I'd guess that there would be more questions if I had any. I was definitely made aware that there would be a degree of background checks on my company as well. Nothing desperately intrusive for someone with as vanilla a life as mine, but certainly enough to give a good chance of discovering if an applicant might be vulnerable to blackmail or manipulation.

Just mentioning it as most of the subsequent posters seem to be aghast at the suggested level of screening.

Yes, the ticklist was fine for CCJs, convictions, etc - no problem. I just don't see my personal current account as being any of their business.

[Lambert Simnel]

Bank Vetting is very very thorough and is getting tighter:

As a minimum you will need:...

This is actually not far from my experience from being vetted for two different investment banks in the City in the last 18 months. Admittedly some of it (such as the county court judgements) is just a basic Y/N, though I'd guess that there would be more questions if I had any. I was definitely made aware that there would be a degree of background checks on my company as well. Nothing desperately intrusive for someone with as vanilla a life as mine, but certainly enough to give a good chance of discovering if an applicant might be vulnerable to blackmail or manipulation.

Just mentioning it as most of the subsequent posters seem to be aghast at the suggested level of screening.

[LondonManc]

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.

Didn't need mine - the screening agency simply rang the university to confirm it.

[northernladuk]

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.

[LondonManc]

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

I've never been caught doing either.

[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.