10 Steps to Create an Audit-Ready Brokerage

Step 1

Know federal AND state laws and regulations

Step 2

Build a compliance management program and culture of compliance

Step 3

Complete required compliance training (e.g, AML, Fair Lending, Info Sec, Red Flags)

Step 4

Create and issue broker mini-disclosure packages

Step 5

Implement recordkeeping requirements e.g., advertisements, loan files, complaints, training

Step 6

Designate BSA Officer and register with FinCEN

Step 7

Perform internal monitoring and testing (or have SCP do it for you)

Step 8

Independent AML review

Step 9

Be proactive vs reactive. Examiner will know if you’ve established a compliance culture or scrambled for the exam request!

Step 10

Call SCP today and get set up with a compliance program you can depend upon!

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