We grab the FINRA BrokerCheck (link below) report for the firm and standard CFPB and OFAC searches (in addition to insurance, Broker Agreement, etc.). If there is a Broker (or Brokers) that will be working with your organization, you can grab the same report for individuals. These reports have information on the registrations, reportable events, etc. It is a great one-stop source of information.
https://brokercheck.finra.org/search/genericsearch/firmgrid
Gene Fox
VP, Third-Party Risk Management Officer
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Allegiance Bank and CommunityBank of Texas have merged to become Stellar Bank.
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Original Message:
Sent: 4/10/2024 7:35:00 PM
From: Anthony Schweiger
Subject: RE: Broker Dealer Relationships
Besides capital and liquidity, the qualification and annual review should include FINRA and SEC checks for complaints and regulatory actions. The approval process should establish appropriate trading limits as well. If you might need more specific support, we'd appreciate the opportunity to support your success.
Tony
Anthony W. Schweiger, MCMB
Managing Principal/CEO
Mortgage Banking and Risk Management Consultants
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Original Message:
Sent: 4/10/2024 4:58:00 PM
From: Anonymous Member
Subject: Broker Dealer Relationships
This message was posted by a user wishing to remain anonymous
What type of initial due diligence and ongoing monitoring do you conduct on broker dealer relationships? These relationships were previously managed in the business line, but with the new guidance and an internal audit, we are bringing them into the formal VM program.