For large FINRA firms, keeping track of changes to the criminal and financial records of employees and registered representatives can be both time-consuming and challenging. Things can change quickly − and sometimes for the worse − which leads to greater regulatory risk and potential compliance problems for your firm.

BIG’s Disclosure Monitoring Services allow FINRA firms to screen applicants, employees and registered representatives and validate financial and criminal disclosure information provided through Forms U4. In addition to screening applicants, these services can be used on a periodic basis to identify changes to a registered representative or employee’s credit history or criminal record.

There are two Disclosure Monitoring Services, which firms can use separately or together:

Financial Disclosure Monitoring: This service gives firms the ability to tailor the review of registered representatives' financial disclosure changes by defining the search criteria using a list of financial categories, including bankruptcy filings, tax liens/judgments and other credit-related measures. Firms also have the option to use a standard list of pre-determined criteria in conducting searches.

Criminal Records Monitoring: This service allows firms to search for criminal records on a periodic basis using a private, multi-state criminal records database that contains more than 3 billion criminal records. The information in the database is collected from court records, prison records, arrest records, sex offender registries, probation and parole offices and other public record sources around the country.

Disclosure Monitoring Services Highlights:

• Customize Monitoring Frequency − FINRA firms can run batch searches at any interval desired (monthly, annually, etc.) or conduct individual searches for regulated pre-employment purposes.


• Secure Data Exchange − Both services are initiated when the firm uploads a list of applicants, employees and registered representatives to be screened via a secure web-based portal that encrypts information in transit to prevent unauthorized access to data.


• Reduced Review Time − The Financial Disclosure Monitoring service can be tailored to flag only items important to the firm. Prior to posting results, BIG reviews all Criminal Records Monitoring results to ensure the information belongs to the subject.


• Easy to Read Results − Results are returned electronically, highlighting applicants, employees and registered representatives who meet the firm’s criteria for easy identification.