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OFAC Sanctions Compliance: Update, Expectations & Best Practices

Wednesday, November 29, 2017

10:00 am – 11:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET

The US Treasury’s Office of Foreign Assets Control (OFAC) provides rules and standards regarding with whom US and non-US financial and non-financial institutions can do business. Noncompliance with OFAC’s rules and standards can highly impact US national security interests and global stability – and expose your institution to extreme regulatory scrutiny.

This webinar will provide a basic-through-advanced, non-technical overview of OFAC’s sanction program and is intended to enhance all employees’ understanding of OFAC and related best practices.

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • Definition of SDN, SDGT, SDNTK, and the various OFAC sanction programs and lists
  • Types of transactions requiring OFAC scrub (the what and who)
  • Block versus reject: OFAC guidance with timelines for action
  • Impact of OFAC administrative subpoena "602" letters
  • High-level overview of OFAC's extraterritorial reach
  • OFAC civil penalties and enforcement case studies (pitfalls to avoid)

  • TAKE-AWAY TOOLKIT
    • Resource links
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is designed for those involved in any aspect of OFAC rules implementation, scrubbing, alert triage, investigation, resolution, audit, and financial institution governance. Team members involved in information security/technology, retail, BSA/AML compliance, risk, audit, and legal will benefit from this webinar. Board and supervisory committee members will also find it valuable.

PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.

MEET THE PRESENTER