Tradespeople (Plumbers, Electricians) + SEC Compliance: The Challenge
As tradesperson, 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 Tradespeople (Plumbers, Electricians) with SEC Compliance
Convert your bank statements to Excel to track job payments, match material purchases, and get your books ready for self-assessment without hours of data entry. For sec compliance specifically, BankScan AI extracts Client fund custody verification, proprietary trading account activity, segregat automatically.
How Tradespeople (Plumbers, Electricians) Handle SEC Compliance
When preparing bank statements for sec compliance, tradespeople (plumbers, electricians) need to Tradespeople receive customer payments via bank transfer, cash, or card, purchase materials from builders' merchants and wholesalers, pay for van fuel. BankScan AI automates the data extraction step.
Key terms you'll encounter: day rate, materials markup, call-out charge, retention.
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 tradespeople (plumbers, electricians) 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 Tradespeople (Plumbers, Electricians) — SEC Compliance
- Built for Tradespeople (Plumbers, Electricians) — Saves 2-3 hours per month on expense categorisation and receipt matching, with year-end self-assessment preparation reduced from a full day to under 2 hours
- Software compatible — Output works directly with QuickBooks Self-Employed, FreeAgent, Excel
- 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: Tradespeople (Plumbers, Electricians) + SEC Compliance
When tradespeople (plumbers, electricians) prepare bank statements for sec compliance, specific compliance requirements apply.
- Self-employed tradespeople must register with HMRC and file self-assessment returns. CIS applies if working as a subcontractor in construction. Gas Safe registration (gas engineers), NICEIC/NAPIT (electricians), and other trade body memberships have costs that must be tracked. VAT registration is required above the threshold.
- 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 Tradespeople (Plumbers, Electricians)
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 — Tradespeople (Plumbers, Electricians) + SEC Compliance