Those who work in the financial sector or plan on working in financial services in the future will likely need a DBS check before doing so. This page will go over everything you need to know about checks for finance, and also BOOMs.
Do Roles in the Financial Sector Require DBS Checks?
People who are currently working or going to be working in the financial sector are highly likely to be required to have a DBS check certificate.
In this blog, we’re going to discuss what positions within the financial sector need to have a DBS check, and what level is required.
Which Financial Roles Require a DBS Check?
What are Controlled Functions?
Some examples of controlled functions include:
- Having responsibility for overseeing a firm’s compliance against any money laundering.
- Responsibility for having compliance with the FCA’s rules.
- Being an Executive Director of a regulated firm.
Controlled Functions Means a Standard DBS Check
If the position includes one of the above functions, then a Standard DBS Check is required.
What DBS Check Does an Accountant Need?
Charted Accountants and Certified Accountants will require a Standard DBS Check before they can enter into the profession and work.
What DBS Check Does Someone Working in a Bank Need?
Somebody who is working in a banking role will require a Standard DBS Check before they can start work.
What is a Standard DBS Check?
A Standard DBS check contains a list of both spent and unspent convictions, final warnings, as well as reprimands contained on the PNC (Police National Computer). Only an organisation or employer can apply for a Standard DBS check for an individual.
What Does That All Mean?
Spent convictions are final warnings and/or reprimands that have passed a specific amount of time, and the Rehabilitation of Offenders Act (ROA) 1974 suggest the individual should be treated as though the offences never happened.
As for unspent convictions, they have not passed this specific amount of time. However, it’s important to remember that some convictions, such as terrorism and sexual offences, will never become spent.
Standard DBS checks are not only suitable for roles in the financial sector, but they’re also often requested for roles in education and care.
If you’d like to find out more about Standard DBS checks, you can do so, here.
However, it’s important to note that a DBS is not the only check that is always required. Some, but not all, organisations may also require a credit check.
What is a Credit Check?
Any legal or financial firm has a legal responsibility to conduct a credit check on any future employee.
The credit check is used to ensure the candidate is who they say they are, and gain an understanding of the individuals’ money management skills. By doing this check, the employer can gauge the level of risk an applicant may carry based on previous records of how they’ve managed their finances.
Since employees in the financial sector are often responsible for handling other people’s money, those with a poor credit history may be rejected for the job. It goes without saying that when handling a customer’s money, it’s critical to be able to make the best decisions, and have a financial history that reflects this.
Simply put, employers want to ensure that the individual’s financial position won’t have an impact on their performance in the role, and they won’t pose a risk when handling sensitive data or money.
DBS Checks For BOOMS
All companies who carry out services subject to the Money Laundering Regulations (MLR) 2017 need to make sure that new Beneficial Owners, Officers and Managers (BOOM) can provide the Solicitors Regulation Authority (SRA) with proof that they do not have previous criminal convictions preventing them from being employed in these roles.
This is required by the Treasury on all supervisory authorities, such as the Solicitors Regulation Authority, and is needed to form part of their anti-money laundering risk and compliance procedures.
A Basic DBS Check is the way to provide this proof and can be gained through Aaron’s Department easily.
Once the check has been completed, this proof can then be sent alongside all accompanying documents to the SRA. More information about BOOM and firm applications can be found on the Solicitors Regulation Authority site.
What is a BOOM?
A BOOM is one of the following: Beneficial Owner, Officer or Manager making up the word BOOM.
What Do These Roles Mean?
These definitions are set out in the Money Laundering Regulations (2017).
What is a Beneficial Owner?
‘Beneficial Owner’ appears in regulation 5 and is someone who has a measure of control over the entity, and will include all those holding more than 25% of the shares in a company, and under r.5(3), the equivalent holding in a partnership.
What is an Officer?
An ‘Officer’ is quite widely defined within r.3 as:
(a) in relation to a body corporate
(i) a director, secretary, chief executive, member of the committee of management, or a person purporting to act in such a capacity, or
(ii) an individual who is a controller of the body, or a person purporting to act as a controller;
(b) in relation to an unincorporated association, means any officer of the association or any member of its governing body, or a person purporting to act in such a capacity; and
(c) in relation to a partnership, means a partner, and any manager, secretary or similar officer of the partnership, or a person purporting to act in such a capacity”
To put this into plain English, it is anyone who has an official role in managing or directing the affairs of the firm. Much simpler to understand!
What is a Manager?
The term ‘manager’ includes those who have responsibility for managing the activities of the firm, even if they do not form part of the firm’s executive or management team.
What Does a Basic DBS Check Show?
The basic DBS check shows all:
- Unspent convictions.
- Final warnings.
From the Police National Computer (PNC).
What Information Do You Need for a Basic DBS Check?
To apply for a basic DBS check for a member of staff, or as a BOOM, you will need the applicants:
- Current and any previous full names.
- Date and place of birth.
- Identification Documents.
- Five-year address history.
- National Insurance number (if the candidate has one).
- Written consent, giving you the right to process the application on their behalf.
How Much Does a Basic DBS Check Cost?
At Aaron’s Department, you can receive a Basic DBS Check on an individual for as little as £18 (the standard Government fee), plus a £4.95 admin fee!
You can read more about a Basic DBS check on our dedicated page.
Apply for a DBS Check for the Financial Sector with Aaron’s Department
Aaron’s Department’s online system makes applying for a DBS check easier, and quicker than ever before.
Automatic Error Checking System
Applications are rejected by the DBS, even for the simplest mistakes. However, you won’t have to worry about this if you use our online system has an inbuilt error checking system. Any mistakes or problems can be fixed before they cause an issue.
Built-in Tracking System
Our system incorporates a built-in tracking service that allows you to keep up to date with the status of your application(s), showing you which stage it is at. On top of this, you can also receive email updates which will notify you as the DBS application moves through the stages.
Fast, Reliable Service
At Aaron’s Department, we pride ourselves on quick returns. We process all applications within 24 hours of receiving them, in which they are then sent off to the DBS, error-free.