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As part of the internal control, Aresbank has an Internal Audit Department reporting functionally to the Audit Committee and a Risk Department and a Legal and Compliance Department reporting functionally to the Risk and Compliance Committee. Aresbank also has an Internal Control Body to ensure the compliance with the regulation established for the Prevention of Money Laundering and Terrorist Financing.

Audit Committee:

The Committee supervises the compliance with the regulation in force as well as the strategy and policies elaborated by the Bank in connection with internal control systems and audit.

Risk and Compliance Committee:

The Committee supervises the compliance with the regulation in force as well as the strategy and policies elaborated by the Bank in connection with risks and compliance.

 Internal Audit Department:

The department provides independent assurance on the quality and effectiveness of the Bank’s internal control, risk management and governance systems and processes, thereby, helping the Board and senior management to protect the Bank and its reputation

 Legal and Compliance Department:

The Department is responsible for managing the legal aspects, fundamentally of civil and mercantile nature, that affect the Bank, as well as, carrying out the responsibility of the compliance function including the prevention of money laundering and terrorism financing.

 Risk Department

The Department is concerned with the establishment of Credit Risk Policies, standards and methodologies for the approval, measurement, reporting, monitoring, limit setting and analysis of risks.

Internal Control Body:

This specialized committee is charged with  analyzing, controlling, and communicating  all information regarding transactions or events suspicious of being related to money laundering. It also proposes any needed improvements with respect to the control measures to guarantee the prevention.


Annually Aresbank is subject to an independent review of external auditors  in order to assess that the total equity, financial position and financial performance are in accordance with the financial reporting framework applied to the entity, allowing the preparation of annual accounts are free of material misstatement, whether due to fraud or error. In making those assessments the auditor reviews the internal control applied in order to express an opinion on their effectiveness and provide and assessment of the adequacy of the accounting policies applied.

Aresbank complies with the accounting principles established by the Bank of Spain in its Circular 4/2004 and its subsequent amendments, and in accordance with the Commercial Law, Royal Decree 1/2010, of July 2nd, 2010, and  the other Spanish regulation applicable, in order to give a true and fair view of the Bank net worth and financial position.

With regard to the administrative and accounting procedures, the Bank has policies and procedures adequately supported by computer systems so to minimize operational risk and allow obtaining accounts and details that are deemed necessary for the preparation of  the Bank’s financial statements and other supplementary reports required by the regulation in force.

These procedures are mainly based on:

•       Getting a proper recording and accounting of the transactions executed as well as a description of the controls implemented to validate the operations

•        Confirmations mechanism of the contracted transactions.

•        Control mechanism of the settlements.

•        Proper registration of client funds.

•        Proper valuation and classification of financial assets and liabilities.

•        Systematically performing of reconciliations.

•        Safeguarding, archiving and access to supporting documentation.