Essentials: Seven Vital Things Every Exporter (and its Bank) Needs To Know About Sanctions and Export Controls
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On Demand Webinar
The role and importance of strong sanctions controls cannot be underestimated. Sanctions screening has grown more complicated with issues like sectorial sanctions, 50% rule, overlapping lists, aliases, and partially eased Iran and Cuba programs.
In addition, in the US violations of sanctions laws are enforced very strictly. In 2015, the National Bank of Pakistan paid a penalty to US Treasury for mistakenly processing prohibited transactions due to a software failure.
Under the new rule of New York banking regulator (DFS), effective January 1, 2017, regulated institutions are required to review their OFAC/sanctions filtering programs and ensure that they are reasonably designed to comply with risk-based safeguards. You must also adopt an annual board resolution or “senior officer compliance finding” to certify compliance with the DFS regulation beginning April 15, 2018.
How can you be sure your sanctions filter is working properly?
During this live course, we’ll use audience polling, providing you with vital industry insights, such as:
“In a high-risk geographical location with a high volume of transactions, does your filtering software send the OFAC/sanctions alerts to a separate queue that is to be handled by an expert?”
“How many analysts review an OFAC/sanctions alert before closing?”
“Are you separating personal and corporate accounts in your OFAC/sanctions screening process?”
This webinar will instruct you on:
- Tailoring screening tools to diminish false positives by separating names, addresses and cities from other data.”
- How to reduce alert clearing costs using expertise, risk-based management and data analysis.
- Lessons learned from recent OFAC enforcement actions where faulty filtering program led to fines.
- Best practices in reverse, forward and event driven screening.
With rapidly growing compliance department costs and no decrease to regulatory fines in sight, it’s becoming increasingly clear that we need an efficient approach to sanctions screening. Join this webinar, and learn how to reduce compliance costs by lowering false positive alerts and reprioritizing time spent on investigations.
November 2, 2017
Lynn Van Buren