FINRA fingerprinting (Financial Industry Regulatory Authority) refers to the process of collecting an individual’s fingerprints for the purpose of conducting a background check. FINRA is a regulatory organization that oversees and regulates brokerage firms and registered brokers in the United States.
When individuals want to work in the financial industry, especially in roles that require registration with FINRA, they are often required to undergo FINRA fingerprinting as part of the registration process. Fingerprinting helps FINRA and its member firms to assess the background and integrity of individuals working in the industry, ensuring that they meet the necessary standards and do not have a history of criminal activity or regulatory violations.
Here’s a general overview of the FINRA fingerprinting process:
- Identification: The individual provides valid identification, such as a driver’s license or passport, to confirm their identity.
- Fingerprint collection: The individual’s fingerprints are collected using an electronic fingerprinting system or through traditional ink and paper methods. The fingerprints are usually taken by a third-party vendor authorized by FINRA.
- Submission: The collected fingerprints are submitted to the appropriate authorities, such as the Federal Bureau of Investigation (FBI), for a criminal background check. The FBI compares the fingerprints against its criminal database to identify any previous criminal records.
- Results and evaluation: The results of the background check are provided to FINRA, which reviews the information to determine the individual’s eligibility for registration. If significant criminal history or regulatory violations are found, it may affect the individual’s ability to work in the financial industry.
It’s important to note that while FINRA requires fingerprinting for certain positions, the specific fingerprinting requirements and processes may vary depending on the jurisdiction and the type of registration being sought. Individuals should consult with their employing firm or FINRA directly for detailed information on the fingerprinting process and any associated fees.