OFAC Compliance: A Deep Dive
March 16, 2021 | 12 pm ET | 1 CAMS | Register Now OR
March 18, 2021 | 3 pm ET | 1 CAMS | Register Now
While OFAC sanctions regulations seem relatively straightforward, establishing the appropriate policies and practices to comply with them is often challenging. OFAC’s well-publicized penalties assessed against major banks and corporations combined with a lack of understanding of the nuances of OFAC compliance, can create elevated concern from senior management and boards that compliance professionals must be able to address.
Laurie Kelly, CAMS will share her knowledge and experiences gained from 20 years in building and leading the OFAC sanctions compliance function for a $148 billion U.S. financial institution. In the first part of this webinar, Laurie will provide an overview of just what is OFAC and the purpose and categories of U.S. sanctions programs in place today. She’ll also describe the importance of a formal Sanctions Compliance Program and how it should be structured. Then she will take participants on some “deep dives” into some of the more complex – and often misunderstood – aspects of OFAC compliance: screening practices and the Specially Designated Nationals list; what to do with an OFAC match; the enigmatic “50% Rule”; and what we can learn from OFAC enforcement actions against financial institutions and corporate entities.
At the end of this webinar, participants will:
- Know what is OFAC and the purpose and categories of U.S. sanctions programs in place today
- Understand the importance of a formal Sanctions Compliance Program and how it should be structured
- Learn about screening practices and the Specially Designated Nationals list
- Understand what to do with an OFAC match
- Comprehend OFAC’s enigmatic “50% Rule”
- Learn how to use OFAC enforcement actions to evaluate their own practices