Enrolled Agents + SEC Compliance: The Challenge
As an enrolled agent, 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 Enrolled Agents with SEC Compliance
Batch-convert client bank statements to Excel for fast income verification, deduction substantiation, and IRS examination responses. For sec compliance specifically, BankScan AI extracts Client fund custody verification, proprietary trading account activity, segregat automatically.
How Enrolled Agents Handle SEC Compliance
When preparing bank statements for sec compliance, enrolled agents need to Enrolled Agents review client bank statements to verify income reported on tax returns, identify unreported income during IRS examinations, substantia. BankScan AI automates the data extraction step.
Key terms you'll encounter: IRS examination, correspondence audit, bank deposit analysis, Circular 230.
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 enrolled agents 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 Enrolled Agents — SEC Compliance
- Built for Enrolled Agents — Saves 1-2 hours per IRS examination response on bank statement analysis, plus 20-30 minutes per tax return during filing season on income verification
- Software compatible — Output works directly with Drake Tax, Lacerte, ProConnect Tax
- 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: Enrolled Agents + SEC Compliance
When enrolled agents prepare bank statements for sec compliance, specific compliance requirements apply.
- Enrolled Agents are federally licensed by the IRS under Circular 230 and must complete 72 hours of continuing education every 3 years. They have unlimited practice rights before the IRS. They must maintain client confidentiality under IRC Section 7216 and follow IRS e-file requirements. PTIN renewal is required annually.
- 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 Enrolled Agents
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 — Enrolled Agents + SEC Compliance