1. Short title This Act may be cited as the Expanding Access to Affordable Credit for Small Businesses Act . 2. Licensing of lending institutions (a) In general Section 7(a)(17) of the Small Business Act ( 15 U.S.C. 636(a)(17) ) is amended to read as follows: (17) Licensing of lending institutions (A) In general The Administration may license lending institutions to make loans authorized under this subsection. (B) Criteria In authorizing lending institutions under subparagraph (A), the Administrator shall ensure that each such institution— (i) provides an independent audit by a third party or internal audit department that examines adherence to all applicable Federal laws and regulations relating to anti-money laundering, terrorist financing, sanctions, and financial crimes; and (ii) has in place a compliance program that conforms with the requirements described in the Bank Secrecy Act/Anti-Money Laundering Examination Manual of the Financial Institutions Examination Council and other applicable Federal anti-money laundering regulatory guidance, including— (I) an annual financial crimes risk assessment; (II) designation of an individual to serve as an anti-money laundering officer; (III) a customer identification program; (IV) customer due diligence and enhanced due diligence; (V) suspicious activity monitoring and reporting; (VI) information sharing; (VII) record retention; (VIII) sanctions implemented by the Office of Foreign Assets Control; (IX) annual employee training, including general training and job-specific training