A license is an authorization from US Treasury’s OFAC to engage in a transaction that otherwise would be prohibited. Many of OFAC’s licensing determinations are guided by U.S. foreign policy and national security concerns, and they are granted on a case-by-case basis.
The best-case scenario is 30-60 day approval, but what can you do to expedite or at least, not unnecessarily delay, the license? What is essential to include according to the application guidelines or the regulations pertaining to the particular embargo program?And do you need to provide a detailed description of the proposed transaction, including the names and addresses of any individuals/companies involved? Attend this live course, and find out!
In addition to the OFAC licenses essentials, this webinar also discusses the challenges related to OFAC licenses from a banker’s perspective.
A potential client approaches your financial institution to open a bank account to do business with a company in Iran. The potential client is a corporate customer. The product they sell is a medical device, and not a dual use item. The potential client has an OFAC license which allows their company to trade this product using financial institutions outside from the US. When you are approached with such scenario, what would you look for in your research in terms to asses to enter into a banking relationship?
What you will learn:
- How do you know when is an OFAC license is required?
- When does OFAC coordinate the approval with the U.S. Department of State and other government agencies, such as the U.S. Department of Commerce
- Which form to use, and other do’s and don’ts when applying for a license with OFAC
- What to include in the license application to expedite the process
- Can you appeal a denial?
- Expected timeline for a response from OFAC
- Penalties for exporting controlled goods without a license
- Latest updates related to OFAC General Licence H for Iran