Bank Statements for SEC Compliance: The Challenge
Registered investment advisors, broker-dealers, and public companies need bank statement data for SEC compliance, custody verification, and regulatory examination responses.
How BankScan AI Helps with SEC Compliance
Convert financial institution statements to structured spreadsheets for SEC examination preparation, custody audits, and regulatory filing support.
How It Works
Upload your bank statement PDF
Supports all major banks. 12-36 months for SEC examination document requests; custody rule compliance requires ongoing quarterly verification of statements? No problem.
AI extracts every transaction
Our AI pulls out dates, descriptions, amounts, and balances — the Client fund custody verification, proprietary trading accoun you need.
Use for sec compliance
Download a clean Excel or CSV file formatted for sec compliance. Account-level detail with clear identification of client versus proprietary accounts, reconciled to ADV Part 1 reported AUM; transaction types coded for examiner review
Supported Banks
BankScan AI works with all major UK and US banks, including:
Why BankScan AI for SEC Compliance
- Built for SEC Compliance — Convert financial institution statements to structured spreadsheets for SEC examination preparation, custody audits, and regulatory filing support.
- Key data extracted — Client fund custody verification, proprietary trading account activity, segregation of client versus firm assets, fee deductions from client accounts, wire transfer activity
- Deadline ready — SEC document request responses typically due within 1-2 weeks during an examination; failure to produce records promptly can escalate the examination scope
Legal & Regulatory Context
Bank statements for sec compliance are typically required under: Investment Advisers Act of 1940 sections 204 and 206; SEC Rule 206(4)-2 (custody rule); Securities Exchange Act of 1934 section 17(a) (broker-dealer recordkeeping)
- Typical timeframe: 12-36 months for SEC examination document requests; custody rule compliance requires ongoing quarterly verification
- Required by: SEC Division of Examinations (formerly OCIE) staff during routine or cause examinations; independent auditors performing surprise custody examinations under Rule 206(4)-2
What Data You Need for SEC Compliance
When preparing bank statements for sec compliance, these are the key data points SEC Division of Examinations (formerly OCIE) staff during routine or cause examinations; independent auditors performing surprise custody examinations under Rule 206(4)-2 look for:
- Client — Client fund custody verification
- proprietary — proprietary trading account activity
- segregation — segregation of client versus firm assets
- fee — fee deductions from client accounts
- wire — wire transfer activity
Formatting Your Statements for SEC Compliance
Getting bank statements right for sec compliance requires attention to specific formatting requirements:
- Account-level detail with clear identification of client versus proprietary accounts, reconciled to ADV Part 1 reported AUM; transaction types coded for examiner review
- Deadline pressure: SEC document request responses typically due within 1-2 weeks during an examination; failure to produce records promptly can escalate the examination scope
Prepare Statements for SEC Compliance — Fast
SEC document request responses typically due within 1-2 weeks during an examination; failure to produce records promptly can escalate the examination scope
Convert for SEC Compliance — Free