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By 
July 27, 2021 at 03:20 PM
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.
