One thing that can be easily overlooked when it comes to SAFE Act compliance is the requirement for an independent test. An independent test must be conducted at least annually and can be performed either by internal bank personnel or a third party. If you opt to keep it in house, you need to ensure that the person conducting the audit is not your SAFE Act officer and that they have the appropriate knowledge and/or training to be able to conduct a sufficient audit.
Jerod explains more in the video.
Published
2025/11/06
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!
