At the heart of any compliance program is a system or set of
procedures for collecting and preserving documentation evidencing compliance with the governing regulations and policies. In the
EB-5 field, this means tracking investment activity and job creation. Regional centers need to establish and follow procedures for
documenting every step of the process. From initial due diligence
on a project, to recruiting investors and filing immigrant petitions,
to deployment of funds and job creation, and finally to the filing
of investor I-829 petitions and the repayment of investor funds,
appropriate records must be kept.
USCIS is working actively with the SEC and the Treasury
Department to ensure that projects are creating jobs as the program intended and that the level of transparency provided to all
stakeholders is consistent with the best practices in the broader
financial services industry. Audit and reporting requirements are
therefore likely to focus on the flow of funds and the sales process,
including whether regional centers and related commercial enterprises are making full disclosures to investors, deploying capital
in the manner described to investors and in USCIS filings, and
whether escrow terms or ot