According to Compliance Week, the Financial Industry Regulatory Authority (FINRA) fined J.P. Morgan Securities $1.25 million for failing to conduct timely or adequate background checks on 8,600 of its non-registered employees. This was 95% of its non-registered employees. According to federal securities laws, broker-dealers must fingerprint employees “working in a non-registered capacity who may present a risk to customers based on their positions. Fingerprinting helps firms identify if a person has been convicted of crimes that would disqualify them from being associated with a firm, absent explicit regulatory approval. Federal banking laws require banks to conduct similar checks on banking employees using a more limited list of disqualifying events.” Allegedly, from January 2009 until May 2017, J.P. Morgan did not fingerprint approximately 2,000 of its non-registered employees in a timely manner. This is against securities laws and internal firm rules.
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