Financial compliance for broker-dealer firms is as crucial as the trades themselves. Firms must take precautions and establish effective methods to stay compliant with the latest regulations since a bad audit or fine can not only blemish a reputation, but also cost a firm millions of dollars. Having an active communication monitoring and archiving solution plays a major role in meeting—and exceeding—the basic compliance requirements established by FINRA and the SEC.
Our FinTech products specialize in financial industry compliance, with particular expertise in FINRA and SEC regulations. Our goal is to help compliance officers do their jobs more efficiently.
Representatives must be able to spot red flags that signal fraudulent or terrorist activity. If there are red flags, a representative must fill out Suspicious Activity Report (SAR) and inform the compliance department.
Occurs when a representative engages in business outside the scope of brokerage business or “sells away” (private securities transaction not at firm). All outside business must be disclosed on U4 to firm.