FINRA Background Checks

A FINRA background check is an examination conducted by the company to verify the authenticity of an applicant’s U4 form. A person who works for an investment banker applying for a job, must complete a U4 form that includes personal information. FINRA demands that this information be accurate , and it does this by requiring applicants to go through a background check that is specifically for FINRA.

Identity prints plus offers ink fingerprinting FINRA cards, as well as electronic fingerprinting which is sent to FINRA electronically without hassle.

FINRA background checks are an essential part of your compliance program, but not every service provider is compliant with FINRA rules. Some providers may not even have the public records you need. FINRA also requires that member firms have personnel records available for remote review. The delay in implementing an investigation can lead to a firm missing deadlines. Moreover, you should choose a background check service that has access to federal and state databases.

FINRA background checks are conducted on prospective securities broker applicants by checking their previous employment history, including dates and positions. Typically, a broker-dealer will verify the full ten-year employment history of its applicant. Moreover, the firm will also perform fingerprint-based FBI background check and name-based criminal search. The firm will use this information to ensure that the applicant does not have a criminal record. Besides, FINRA expects member firms to use this method for verifying a person’s background.

FINRA requires member firms to investigate a prospective broker-dealer’s background before allowing them to register. This investigation must include a search of “reasonably accessible public records” to verify the details of Form U4 and Form U5. Lastly, firms must review the FINRA Form U5 if the applicant is terminated by a member firm. Generally, this document contains information about investment misconduct and derogatory activity.

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