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NFA speeds up registration process with electronic fingerprinting

On March 24, NFA began submitting digital images of fingerprint cards to the FBI, a new procedure designed to accelerate the registration process. This new process will decrease the time it takes to receive the results of criminal background checks from the FBI.

"Under the old process, it would usually take three to four weeks to receive results from the FBI," says Greg Prusik, vice-president of Registration. "Now that we are submitting digital images electronically, we have results back in three days or less. In some cases, we have received the results within several hours."

NFA Members still need to send hard copy fingerprints for their associate member and principal applicants to NFA. Registration staff will scan the cards and submit the digital images electronically to the FBI. Applicants in the Chicago area can come to NFA's offices (200 W. Madison, Suite 1600) between 8:00 a.m. and 4:00 p.m. where registration staff will take a "live scan" of an individual's fingerprints. The cost for this service is $15, payable by cash, check or money order.

This new service is the latest in a series of NFA initiatives designed to increase registration efficiencies. In June 2002, NFA launched its Online Registration System, virtually eliminating the need for firms and individuals to file paper copies of registration forms with NFA. In March 2003, NFA added the ability to pay registration fees and membership dues electronically.

"We are always looking for more effective ways for our Members to meet their regulatory obligations," says Prusik. "This new digital fingerprinting will help our Members complete the registration process quickly and efficiently."

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.
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