About Privica LLC.
Our mission is to help you save money for your future.
Who We Are
An Account Administrator is a third-party company who handles the paperwork required for your Special Purpose Account (SPA). They help in the formation of the account and maintenance. An Account Administrator typically acts as a middleman between you and the “Custodian” where your deposits are actually held.
As an Account Administrator, Privica, LLC's role is to process the necessary paperwork to establish your SPA, record and keeps track of your individual SPA account, handle all customer service and all required reporting. We are also responsible for tracking your deposit activities, such as deposits, transfers, disbursement of payments to your creditors and payments of legal fees to your independent providers.
Custodians hold the actual money. They are affiliated with or owned by a bank or even trust company. They are approved and regulated by the IRS. They are also subject to regulation by the FDIC, their state’s Banking Commissioner and sometimes the Controller of Currency. One thing to remember is that a custodian can be referred to as a “trust company”.
A custodian is a financial institution—similar to a bank— that is permitted to hold and safeguard the money in your Special Purpose Account (SPA). Privica, LLC has chosen American Estate and Trust, LC (AET), as the custodian for your Special Purpose Account.
Founded in 2007, AET is a Trust Company and Custodian licensed under the banking laws of Nevada. AET is headquartered in Las Vegas, NV and helps businesses manage their customers and their alternative assets.
With over a decade of experience AET has developed the expertise necessary to manage large volumes of transactions, customers, and value. Today they have:
Over $1.4 Billion of Assets in Custody.Served over 20,000 investors.Processed more than $10 Billion in Transactions.
AET holds the necessary registrations, permits and licenses to fulfil the requirements of the Nevada FID.
AET is a licensed, bonded and regulated trust company under the state laws of Nevada.AET is licensed under Nev. Rev. Stat. § 669.License Number: TR10009AET is a “qualified custodian” as defined in subsection (d)(6) of the Custody Rule.
AET is subject to periodic external audits and is supervised and examined by the State of Nevada’s Financial Institutions Division (“FID”), which has regulatory authority over banks, trust companies and other financial institutions. AET Holds and adheres to the following compliance certifications and audits:
State of Nevada FID Annual Audits.Service Organization Control 1 (SOC1).Bank Securities Act (BSA) Audit.
As a licensed, bonded and regulated trust company under the state laws of Nevada, AET diligently adheres to the necessary state requirements to reinforce the safety of your deposits.
Audits require proven financials along with proof of cash reserves.As a trust company, funds are 100% available unlike banks that are required to keep 3-5% of client funds on-hand.AET must maintain cash reserves per state law guidelines.AET does not lend or leverage client deposits, nor does it offer checking accounts. This ensures that client funds are available and liquid.AET is regulated by the same laws as other banks and financial institutions.Cash Reserves are held in an FDIC insured account and swept nightly.AET employees are bonded against theft and dishonesty.AET's principals have undergone FBI background checks.
AET’s digital systems adhere to industry leading data encryption and security practices.
Privica, LLC is an Account Administrator for American Estate & Trust, LC, Las Vegas, NV.