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Secfi Bank Secrecy Act and Anti-Money Laundering Compliance


Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.


Secfi, Inc and its wholly-owned, separately operated subsidiaries have developed a Bank Secrecy Act and Anti-Money Laundering Compliance Plan (“BSA/AML Plan”) in an effort to maintain the highest possible compliance with applicable laws and regulations relating to anti-money laundering in the United States and other countries where we conduct business.

Components of the Secfi BSA/AML Plan include:

  • Robust internal policies, procedures and controls that are designed to combat attempted use of our platform for illegal or illicit purposes and that are intended to ensure our customers basic protections under consumer protection laws;
  • Compliance with the applicable regulations and guidance that have been set forth by the Financial Crimes Enforcement Network (“FinCEN”);
  • Filing Suspicious Activity Reports (“SARs”);
  • Maintaining comprehensive records of orders and other transfers and following record retention requirements;
  • Appointing the Secfi Securities Chief Compliance Officer to act as the Bank Secrecy Act/AML Compliance Officer, responsible for the implementation and oversight of its BSA/AML Plan;
  • Executing Know Your Customer (“KYC”) procedures on all customers;
  • Regular, internal and independent external audits of our BSA/AML Plan; and
  • A formal and ongoing plan for compliance training for all employees.