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Regulation and Compliance > Federal Regulation > FINRA

FINRA Preps New Fingerprint Service for BDs, Funding Portals

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What You Need to Know

  • The new fingerprint process is expected to be in place by September.
  • Sterling, a contractor, will process and submit fingerprints to the Department of Justice.
  • There’s no increased or additional costs to firms associated with the new service, FINRA says.

The Financial Industry Regulatory Authority said Tuesday that it plans to implement by September a new fingerprint process for broker-dealer firms and funding portals.

The broker-dealer self-regulator said that it has contracted with Sterling, a fingerprint services vendor.

Sterling “will process and submit fingerprints to the Department of Justice (FBI) for broker-dealer firms and funding portals,” FINRA said. “Benefits of this process change include state-of-the-art technology, processing efficiencies and reduced pricing for firms.”

Once FINRA’s process transitions to Sterling in late September, “all fingerprint transactions must be sent to Sterling,” the regulator said in a notice on its website.

“Until the transition occurs, firms should continue to follow the current process described on the Submit Fingerprints page,” FINRA explained.

FINRA also released a fingerprint transition FAQ with information on steps broker-dealers need to take to transition to the new service.

“With implementation of the new service, there are no increases to fingerprint processing costs,” FINRA explained.

Firms, FINRA said, may save on vendor-related fingerprinting costs as a result of FINRA’s negotiated rates with Sterling:

  • $10.75 collection and processing fee for associated persons who go to a Sterling location to be printed.
  • Organizations may choose to lease Sterling equipment for an annual fee of $3,500.


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