Contractors & Freelancers + SEC Compliance: The Challenge
As contractor, preparing bank statements for sec compliance is a common but time-consuming task. 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 Contractors & Freelancers with SEC Compliance
Upload your bank statements and get organised spreadsheets that make expense categorisation and self-assessment tax returns straightforward. For sec compliance specifically, BankScan AI extracts Client fund custody verification, proprietary trading account activity, segregat automatically.
How Contractors & Freelancers Handle SEC Compliance
When preparing bank statements for sec compliance, contractors & freelancers need to Contractors download bank statements from both personal and business accounts, separate allowable business expenses from personal spending, categorise. BankScan AI automates the data extraction step.
Key terms you'll encounter: IR35, director's loan account, allowable expenses, flat rate VAT.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 12-36 months for SEC examination document requests; custody rule compliance requires ongoing quarterly verification of statements for sec compliance.
AI extracts what you need
Our AI extracts Client fund custody verification, proprietary trading accoun — formatted for contractors & freelancers workflows.
Complete your sec compliance work
Download Excel files ready 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:
Features for Contractors & Freelancers — SEC Compliance
- Built for Contractors & Freelancers — Saves 1-2 hours per month on expense tracking and categorisation, plus 3-4 hours at year-end when preparing records for self-assessment
- Software compatible — Output works directly with FreeAgent, Xero, QuickBooks Self-Employed
- 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
Compliance: Contractors & Freelancers + SEC Compliance
When contractors & freelancers prepare bank statements for sec compliance, specific compliance requirements apply.
- IR35 legislation requires contractors to demonstrate they are genuinely self-employed. HMRC may request bank statements during IR35 investigations. Contractors operating through limited companies must comply with corporation tax filing and Companies House requirements. Self-employed contractors must register for self-assessment.
- Legal basis: 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)
SEC Compliance — Built for Contractors & Freelancers
SEC document request responses typically due within 1-2 weeks during an examination; failure to produce records promptly can escalate the examination scope
Try Free — Contractors & Freelancers + SEC Compliance