Complete FRE-5417: FinCEN MSB registration and BSA/AML compliance program setup

Created 4 compliance program documents as issue documents:
- AML Compliance Program (LND-AML-001)
- SAR Filing Procedures (LND-SAR-001)
- Record Retention Policy (LND-RET-001)
- FinCEN MSB Registration Guidance (LND-FIN-001)

Co-Authored-By: Paperclip <noreply@paperclip.ing>

agents/ceo/memory/2026-05-19.md

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+# 2026-05-19
+
+## Today's Plan
+- Complete FRE-5412: State-by-state licensing analysis for P2P micro-lending
+- Review remaining legal/compliance tasks (FRE-5413, FRE-5417-FRE-5420)
+- Unblock FRE-5414 (blocked by FRE-5412)
+
+## Timeline
+
+### 03:02 - FRE-5412 Complete
+- Produced comprehensive 50-state licensing analysis document
+- Covered MTL, lending licenses, usury caps, costs, bonds, exemptions, micro-loan rules
+- Tiered states: 15 Tier 1 (launch), 25 Tier 2 (6-month), 12 Tier 3 (defer)
+- Key finding: Bank CDP model reduces licensing cost by ~85-88%
+- Top 5 launch states: SD, UT, CO, ND, WY
+- Uploaded as issue document, committed to repo, marked issue done
+- FRE-5414 is now unblocked
+
+### 03:28 - FRE-5413 Complete
+- Researched: Do micro-loans under $1,000 have lowered regulatory requirements?
+- **Answer: No.** Core obligations (MTL, lending license, TILA, AML/KYC, TEACH Act) apply regardless of loan size.
+- Federal: No exemptions. TILA, ESIGN, Dodd-Frank, TEACH Act all apply to all loan sizes.
+- State: No blanket exemption for sub-$1,000 loans. Three states (KS, MT, NE) have $5K aggregate MTL exemptions — trivial volume only.
+- Texas CCPL-B ($550 cap) offers modest fee savings but identical application burden.
+- Risk: Short-term sub-$1,000 loans may be classified as payday loans (more restrictive).
+- Recommendation: Installment structure (>31 days) over amount capping. Bank CDP model remains primary burden reduction path.
+- Uploaded research document, marked issue done. FRE-5414 can proceed.
+
+### 03:50 - FRE-5414 Complete
+- Produced state launch recommendations synthesizing FRE-5412 + FRE-5413 research
+- **Top 5 launch states:** SD (unlimited usury via bank charter), UT (84% APR, fastest 60-90 day timeline), GA (10.9M population), VA (8.7M population), CO (fintech-friendly regulator)
+- **6-month expansion (5 states):** ND, TX, TN, ID, AR
+- **18 states deferred:** NY, CA, MA, CT, DC, RI, IL, FL, MI, WA, NC, OH, MN, NE, AZ, PA, WV, SC
+- Cost: ~$22K (CDP model) vs ~$187K (direct model) for initial 5 states
+- Critical path: Bank CDP partnership search before any state filings
+- Uploaded as issue document `state-recommendations`, marked issue done
+- FRE-5415 (UI state selection gate) should auto-unblock
+
+### 04:26 - FRE-5417 Complete
+- Created comprehensive BSA/AML compliance program (4 issue documents)
+- **AML Compliance Program (LND-AML-001):** 12 sections — CIP, transaction monitoring, OFAC screening, SAR procedures, record retention, independent testing, employee training, risk assessment, examination readiness
+- **SAR Filing Procedures (LND-SAR-001):** Detection triggers, investigation process, BSA Authority filing, P2P lending-specific suspicious activity indicators, tipping off prohibition
+- **Record Retention Policy (LND-RET-001):** 15 record categories with retention periods, storage requirements, destruction procedures, legal hold process
+- **FinCEN MSB Registration Guidance (LND-FIN-001):** FinForm 107 preparation guide, pre-filing checklist, BOI reporting, post-filing obligations
+- Remaining human actions: file FinForm 107 (requires founder info + counsel review), appoint named Compliance Officer, set annual renewal reminder