Posted By: AnotherDayinParadise
SAFE Act Annual Independent Testing Requirements - 09/28/22 08:52 PM
The SAFE Act requires annual "independent testing for compliance with this part" per 1007.104 "Policies and Procedures". Does this mean that as long as we review the policies and procedures to ensure all parts of 1007.104 are covered that is sufficient for the annual independent test? OR, does the annual independent testing requirement mean that we are required to test all parts of the Act each year (for example: every year we must test for the use of the unique identifier, to ensure all MLOs are properly registered, the annual renewal process, etc.)? I'm unclear exactly how in-depth we must test to meet the annual independent testing requirements. Any suggestions or resources would be helpful. Thanks!