Australian Financial Regulatory Checks
In today’s hyper-digital, ecommerce world, it’s not a
matter of “if” a nancial rm will experience internal
fraud, but “when.” Sixty-two percent of Australian senior
executives rank employees as the single greatest
source of risk within their organisations, ahead of
suppliers and contractors.
1
Within the banking and
nancial services industry, one study identied the
median loss of employee fraud incidents at $100,000
based on 386 cases of internal fraud.
2
For these
reasons and others, industry-focused background
checks are required when hiring certain employees
within the nancial services sector.
First Advantage Financial Regulatory Checks can
help nancial rms more easily comply with these
regulations and better protect their business and their
customers from costly losses.
fadv.com.au
Call: +612.9017.4300
Email: info.asia@fadv.com
Visit: fadv.com.au
030922
Hire smarter with industry-specic
insights.
First Advantage Financial Regulatory Checks dig deeper
than standard background checks to reveal relevant
insights specic to the nancial industry. Employers
gain a better understanding of the candidate, their
professional qualications, credentials and behaviour
within the industry, and much more. This supports more
informed hiring decisions, while helping organisations:
• Comply with strict industry regulations
• Protect the sensitive personal and nancial
information of customers
• Mitigate losses due to insider theft and fraud
• Reduce the potential for costly litigation, penalties and
nes
• Strengthen the integrity of the business and the larger
industry
On the ip side of mitigating risk and noncompliance,
Financial Regulatory Checks can help advance and
grow business by helping organisations better identify
and hire top talent within the industry.
65%
of senior executives in Australia report
that widespread remote working increased
fraud risk.
-2021 KPMG Australia Fraud Survey
Perform the right check, on the right
candidate, at the right time.
Most Financial Regulatory Checks search the databases
of in-country regulatory authorities for information
pertaining to professional licences, credentials,
qualications, training, professional memberships,
disciplinary actions and enforcement actions. However,
some industry verications and reference checks are
performed by directly contacting the source to provide a
more complete history of the candidate.
• Financial Regulatory Checks are required for certain
senior, technical and nancially sensitive hires, and
employees who are required to hold a professional
licence in order work in the nancial industry.
• Since these checks are required, they should be
integrated early in the hiring and screening process,
before extending an offer of employment to a
candidate.
fadv.com.au
Call: +612.9017.4300
Email: info.asia@fadv.com
Visit: fadv.com.au
We can help. For more information, contact First Advantage today:
First Advantage Australia Financial
Regulatory Checks
To fulll various industry requirements, nancial
regulatory checks are usually performed on senior
management, nancial ofcers, advisors and executives
who are involved with the oversight and management
of nancial services. Below is a list of the nancial
regulatory checks available from First Advantage.
ABA - Conduct Background Check
AFS Authorised Representatives Register
AFS Licensees Register
APRA Disqualied Register
APRA Enforceable Undertakings Register
ASIC Banned & Disqualied Register
ASIC Credit Licensee Register
ASIC Credit Representative Register
ASIC Enforceable Undertakings Register
ASIC Reference Check
Financial Advisers Register
Australian Financial Regulatory Checks
1 https://assets.kpmg/content/dam/kpmg/au/pdf/2021/covid-19-kpmg-fraud-survey-2021-factsheet.pdf
2 https://acfepublic.s3-us-west-2.amazonaws.com/2020-Report-to-the-Nations.pdf
