NES Financial has completed its ninth consecutive compliance examination.The SSAE 16 SOC 1 Type II examination is a recognized compliance and controls standard used by leading banks and service providers across the financial industry.
The examination mandates an in-depth examination of control objectives and procedures throughout the company’s operations. NES Financial’s examination includes controls over technology, information, financial processes, security, and other mission-critical functions. Conducted by one of the leading CPA firms in the country, the examination reviews how NES Financial operates across its key markets, including EB-5 and 1031 exchanges.
NES Financial is the leading provider of escrow and fund administration solutions for specialized financial transactions. The company’s suite of EB-5 Solutions has been used on more than 250 projects representing over $10 billion in capital – more than any other EB-5 solution on the market. As the largest independent Qualified Intermediary in the country, NES Financial’s 1031 Exchange Solutions successfully process over $85 billion in exchange funds annually.
Although the examination is not required, NES Financial voluntarily submits to this rigorous process annually. With nine straight examinations, NES Financial is the only company in its space that holds this honor. This annual examination represents the company’s continued commitment to industry best practices.
“Our core values are to deliver to our clients industry leading solutions with the highest level of security, transparency, audit trails, and compliance,” said Michael Halloran, Chairman and CEO of NES Financial. “Our record of nine years of voluntarily submitting to and completing compliance examinations reflects that commitment and market leadership and sets the bar for best practices in both the EB-5 and 1031 sectors.”
Along with SSAE 16, NES Financial also complies with OCC and BSA third-party vendor requirements for financial institutions. As a result, NES Financial’s operations meet the financial needs of the country’s leading public companies that must comply with Section 404 of the Sarbanes-Oxley Act, the Bank Secrecy Act, Gramm-Leach-Billey Act, and other industry regulations.