Lessons Learned From the ZTE Case
Date: Thursday, January 25, 2018
Time: 12:00 PM – 01:00 PM EST
In recent times, OFAC enforcement actions have significantly increased against non-financial institutions, particularly in IT/telecoms. On March 7, 2017, three U.S. regulators – the Department of Treasury’s Office of Foreign Assets Control (OFAC), the Department of Commerce’s Bureau of Industry and Security (BIS), and the Department of Justice (DOJ) – entered into a coordinated settlement with Zhongxing Telecommunications Equipment Corporation (ZTE), in which the company agreed to a record-breaking combined $1.19 billion in civil and criminal penalties for knowingly shipping illegal telecommunications equipment to Iran and North Korea in violation of U.S. sanctions law.
The fines imposed by the regulators represent the largest penalty ever imposed by BIS, and the largest ever imposed by OFAC against a non-financial entity.
This webinar will provide a practical approach as to what a company should do (or should not do) to avoid a fate like that of ZTE and, if penalized, what can be done to regain reputation in your industry and in the eyes of the regulator.
Join this live SanctionsAlert.com course and learn:
- Details of what happened between 2012 and 2017 when ZTE reached settlement with OFAC;
- Process of Entity Listing / Temporary General License Process;
- How to progress from Entity List to Industry Leading;
- Key challenges for a foreign company complying with U.S. export controls and sanctions laws; and
- Best practices during a monitor/auditor process after settlement.
Sign up today!
Great knowledge, great instructors, great value
Tell your friends, clients, customers and colleagues to sign up.
Certificate of Attendance
If you participate in the live webinar, you will receive a Certificate of Attendance, which you can use to show you meet your government-required training duties.
Chief Compliance Officer & Legal Counsel
ZTE Corporation, USA
Matt Bell is the Chief Export Compliance Officer & Legal Counsel for ZTE Corporation and the Chief Compliance Officer & Legal Counsel for ZTE USA – in this dual role, he splits his time between Texas and China. ZTE is one of the largest telecommunication companies in the world with offices in more than 160 countries and a workforce of more than 80,000 employees globally. Prior to ZTE, Matt worked as the Senior Attorney for Anti-Corruption at KBR, Region Compliance Counsel and Global Trade Counsel at Weatherford International, and in consulting for both Ernst & Young and KPMG’s International Trade practices. Matt received his LL.M. with Honors from the John Marshall Law School in Chicago with dual concentrations in International Finance & International Trade. He received his JD from Faulkner University and his BBA from Oklahoma Christian University. Throughout his career in consulting and as in-house counsel, Matt has worked with multiple companies under investigation or who reached significant settlements with the Department of Justice, OFAC, BIS, and the SEC. Matt enjoys helping companies through these challenges and working with the business leaders to see the Compliance Team as a strategic business partner to support a sustainable growth strategy.
Bank of America
“Great knowledge from the presenters and the content was relevant”
— José R. Fernandez, Bank of America – Charlotte, NC, USA
“Great coverage of information”
— Cathy Swindell-Smith, Wells Fargo – Charlotte, NC, USA
Axa Equitable Life Insurance Company
“It was very informative. The speakers were clear and the information was disseminated in a clear, concise manner.”
— Nicolette Douglas, Axa Equitable Life Insurance Company – New York, NY, USA
“The content was excellent and easy to understand. The presenters did a great job!”
— Susan Wilson, RBC – Toronto, Canada
“Both speakers were exceptionally knowledgeable and provided practical information regarding the sanctions changes”
— Adam Hermes, Comerico Bank – Livonia, USA