The primary objective of a bank’s internal control system is to help the bank improve its regulatory and financial performance through the use of a well developed compliance and risk management program.  An adequate internal control system will help ensure that a bank’s management promptly identifies weaknesses and takes appropriate measures to mitigate those weaknesses.

Effective internal controls form the foundation for a bank’s compliance and risk management programs.  They also help safeguard bank assets; promote the efficiency and effectiveness of operating activities; assist the board and management guard against fraud and financial mismanagement; and ensure compliance with laws, regulations, and the institution’s own policies.

The team at Applied Facts, which includes Certified Public Accountants and Certified Fraud Examiners, has extensive experience in financial services, including operations, underwriting, fraud prevention and investigation, compliance, forensic auditing and senior management expertise.  Because of their level of experience, Applied Facts’ professionals can quickly identify problem areas and develop strategies designed to maximize the effectiveness of a bank’s internal control systems, thereby resulting in time and cost savings.

Our team of professionals is expert in:

• Regulatory requirements as they relate to bank transactions;
• Transaction analysis and funds tracing;
• Compliance with the customer identification programs mandated under the Bank Secrecy Act and U.S. Patriot Act;
• Compliance with Suspicious Activity Reporting (“SAR”) and Currency Transaction Reporting (“CTR”);
• Compliance with Sarbanes-Oxley; fraud control assessments, including anti-money laundering and counter-terrorism financing;
• Identifying process improvements;
• Performing computer forensics to identify relevant transactions and communications between parties and to retrieve other pertinent records.

Through our network of international affiliates, Applied Facts’ personnel can conduct compliance monitoring and evaluate internal controls of institutions throughout the world.