Sanctions Essentials: Connecting the Dots Between Sanctions and AML


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On Demand Webinar

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Overview:

The overlap between Anti-Money Laundering (AML) and sanctions has always been undeniable. In the last 10 years, however, sanctions have emerged as a unique and separate area of compliance carrying heavy civil as well as criminal penalties for failure to comply.

Today, no compliance program is complete without taking AML and sanctions rules into consideration, and ensuring that you and your team fully understands the important convergence between these two regulatory hurdles.

This webinar will provide a practical approach to the similarities and differences between AML and Sanctions rules, as well as what a company can do to stay fully compliant with both compliance models.

Join this live SanctionsAlert.com course and learn:

  • BSA/AML Examination Manual and its role in OFAC compliance program examinations
  • What goes in a blocking/reject report vs. what goes in a suspicious activity report
  • The overlap of sanctions and AML controls concerning activity by designated terrorist groups, militias, and other organizations
  • How to ensure your sanctions and AML teams communicate appropriately with each other (and avoid common misunderstandings)
  • NYDFS Part 504 and how AML concepts are increasingly being applied to sanctions compliance
  • Tools at the disposal of FinCEN, including Section 311 of the USA Patriot Act, which contains a “Trade Sanctions” provision in section 221 of Title II “Enhanced Surveillance Procedures”
  • The intersection between FinCEN’s CDD rule and OFAC’s 50% rule
  • How Section 206 of the International Emergency Economic Powers Act (Title 50, US Code Sec. 1705) is among the 200 “Specified unlawful activities” (SUAs) that can serve as a predicate to a U.S. AML prosecution by DOJ
Iran

Date Aired: 

February 22. 2018

Duration: 

75 minutes

Speakers

Carlton Greene
Tyler Hand

Lessons Learned From the ZTE Case


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On Demand Webinar

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Overview:

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.
Iran

Date Aired: 

January 25 2018

Duration: 

60 minutes

Speakers

Matt Bell

Practical Considerations When Doing Due Diligence on Iranian Business Partners and Counterparts


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On Demand Webinar

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Overview:

European and U.S. sanctions regimes against Iran have become increasingly misaligned since the implementation of the Joint Comprehensive Plan of Action, or JCPOA, in early 2016. As such, compliance officers and other professionals have had to navigate extremely treacherous waters.

This increasing confusion resulting from differing international rules regarding Iran has made it paramount to understand what a compliance officer must do to stay fully compliant across the globe.

This webinar will provide a practical approach on what a company must do to stay fully compliant with these complex, and sometimes conflicting, regimes. Additionally, attendees of this webinar will be equipped with the tools needed to best conduct due diligence and stay compliant when doing business with Iran.

Join this live SanctionsAlert.com course and learn:

  • How the US and EU regimes differ and the potential issues that can arise
  • Whether US & EU lists are enough to go by in order to stay compliant
  • How to properly weigh any potential adverse outcomes
  • How to present Customer Due Diligence (CDD) to your bank-
  • Alternative approaches for corporations doing business with Iran
Iran

Date Aired: 

December 14, 2017

Duration: 

75 minutes

Speakers

Gert Demmink
Kees Lakerveld

Essentials: Seven Vital Things Every Exporter (and its Bank) Needs To Know About Sanctions and Export Controls


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On Demand Webinar

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Overview:

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.

Iran

Date Aired: 

November 2, 2017

Duration: 

75 minutes

Speakers

Susan Kovarovics
Lynn Van Buren

The role and Authorities of the U.S. Department of State in Sanctions Terrorism


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On Demand Webinar

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Overview:

The imposition of sanctions by the U.S. against terrorists, terrorist organizations, and their support structures is a powerful tool. Its effects reach far beyond the blocking of terrorist assets. Designating individuals or organizations as SDGTs, SDTs, or FTOs, denies them access to the U.S. financial system.

This live webinar explains the important role of U.S. Department of State – which arguably has the greatest influence of any US department over the implementation of US sanctions policy in designating terrorists.

Do you know that SDGTs and FTOs are not designated by OFAC? Instead, they are placed on the “do not touch” list by State Department.

Do you know the differences in practical restrictions between Foreign Terrorist Organization (FTO), Specially Designated Global Terrorists (SDGT), and state sponsors of terrorism?

Do you know the ramifications of FTO listings by the US Department of State and how it affects your compliance program, even if you’re not a US business?

Join this live SanctionsAlert.com “Essentials” course and learn:

  • How State Department targets an entity or person for designation
  • The designation process
  • Role of Counter Threat Finance and Sanctions Bureau and other offices.
  • Lists and restrictions, and their overlap with OFAC lists
  • Extraterritorial application of designations
  • How State Department works with OFAC
  • how State Department designations assistlaw enforcement activities of U.S. agencies and other governments
  • Current groups designated as FTOs
  • Delisting process
Iran

Date Aired: 

October 19, 2017

Duration: 

75 minutes

Speakers

Jason Blazakis