On December 21st, the Financial Industry Regulatory Authority (FINRA) announced that it fined several large financial companies a total of $14 million for record -keeping issues that may have allowed company and customer documents to be altered.
According to FINRA, the companies failed to keep millions of electronic documents in a “write once, read many” format, which would have made it impossible to modify or destroy records once they were written.
FINRA is an independent, not-for-profit organization authorized by Congress to protect America’s investors by making sure the broker-dealer industry operates fairly and honestly. The do so by:
- Writing and enforcing rules governing the activities of 3,869 broker-dealers with 641,133 brokers;
- Examining firms for compliance with those rules;
- Fostering market transparency; and
- Educating investors.
CARCO has several products that help financial companies stay FINRA compliant, including:
- FINRA Broker Sanctions Search Solution
- Financial Anomalies Search Technology (FAST)
- Federal Financial Institution Examination Council (FFIEC)
- Self-Regulated Organizations Checks (SRO)
- Many more
Let CARCO be your first line of defense against FINRA non-compliance. Contact a CARCO Specialist at 1-866-557-5984 or click here to be contacted directly.