OFAC Sanctions Compliance: Update, Expectations and Best Practices

Duration: 90 Minutes
This webinar provides a basic, through advanced, overview of OFAC's sanction program. Examples are drawn from real cases as well as the instructor's experience. Make no mistake, the bad guys will try and game you. If you are not prepared you will be in trouble. The bad guys want what they want and do not care if you are fined or imprisoned.
OFAC Sanctions Compliance
Instructor: Burke Files
Product ID: 507271
Objectives of the Presentation
  • The purpose behind sanctions
  • How targets are selected for being sanctioned
  • It is not just the SDN list of the US, there is more
  • The behavior of your customers does matter
  • What do you do when you are suspicious
  • What do you do when you detect a violation
  • Objectives of ongoing training
Why should you Attend
The US Treasury's Office of Foreign Assets Control (OFAC) issues specific regulations with whom US businesses and persons, or those businesses and person who can possibly fall under US jurisdiction. US jurisdiction is construed in the widest possible definitions. Violation with OFAC's rules and standards are deemed a US national security hazard and the response to a violation of the sanctions is typically swift, expense and may result in prison time for violators.

Areas Covered
  • 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 and criminal penalties
Who will Benefit
  • Offices and Directors of companies who have internal dealers or whose customers have international dealings
  • Anyone in a financial institution involved in governance, AML, BSA, Risk Management, or their customers who work internationally
  • Lawyers and accountants working with international business or who provide significant services to, or who's clients work internationally
Topic Background
Sanctions are war by other means. Sanctions are measures taken by a nation to coerce another nation or person(s) to conform to an international agreement or norms of conduct, typically in the form of restrictions on trade, and finance. It is an act of consideration of the other's operations to enforce and encourage obedience to a desired rule of conduct.

Sanctions violators are not taken lightly; they are seen as aiding and abetting an enemy either on purpose (egregious violation) or by accident (non-egregious). The fine often is small in comparison to the legal expense and potential prison time give to those who participate in egregious violations.
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  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Mr. Files is a widely recognized expert in the area of financial investigations and due diligence. He has authored numerous articles as well as books on the subject. He has been presenting and sharing his knowledge and has done so with delegates in over 30 countries.

As a financial industry insider, Mr. Files is keenly aware of the type and accuracy of the information required to make informed and timely decisions. Mr. Files has managed due diligence and financial investigations ranging in size from ten of thousands of dollars to over $20 billion. Mr. Files is an international expert on due diligence and is regularly sought out for the most difficult projects and cases. Mr. Files is at the forefront of both understanding and utilizing the new currency of due diligence.

Financial Examinations & Evaluations, Inc., founded by Mr. Files in 1991 has grown to be one of the most respected independent financial investigation firms. Mr. Files and his firm conduct investigations in the United States, Eastern Europe, Central and South America and China.

Before founding FE&E, Inc. Mr. Files was a partner in a regional consulting firm specializing in business, financial and securities consulting. He also served as the Director of Corporate Finance for an investment banking company. Additionally, Mr. Files was a commodities specialist for Oppenheimer/Rouse.

Mr. Files has written extensively and been quoted in many publications. Many times he is the quoted source for articles regarding financial investigation and due diligence. Among the publications in which he has been quoted are: Chief Executive Officer, Wall Street Journal, The Guardian, European Business, The Independent, and CBS news, The Financial Times, New York Post, Wall Street Journal and more.
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