‘Sanctions Busting’: The Risks and Rewards to those Trying to Circumvent the System

June 15, 2018
By: Keith Preble and Dr. Bryan R. Early*

The main goal of imposing sanctions on a target country or entity has always been to disrupt the target’s commercial relationships and make it costlier for them to do business. Governments try to achieve this goal by imposing administrative and criminal penalties for individuals and entities that violate their sanctions. (more…)

Beyond List Matching: Compliance with Sectoral Sanctions

Upcoming Webinar

Date:  Thursday, August 30, 2018

Time:  12:00 PM – 01:15 PM EST, 05:00 PM – 06:15 PM London
06:00 PM – 07:15 PM Amsterdam

In recent times, non-list based sanctions have taken center stage in the compliance world. Since July 2014, the U.S. government has begun to utilize an entirely new breed of sanctions regime known as “sectoral sanctions”. These non-list based sanctions, such as those broadly imposed on Venezuelan ‘new debt’ or Russian trade, aim to limit certain sectors of a country’s economy from gaining access to U.S. capital markets. The U.S. Treasury has also created a Sectoral Sanctions Identifications (SSI) List, which is now arguably just as important as OFAC’s Specially Designated Nationals (SDN) List.

In order to fully comply with international sanctions regulations, compliance suites must now go far beyond simple alert checks and day-to-day list matching.

In this SanctionsAlert.com webinar, our expert speakers will discuss the importance of incorporating non-list based activities into your sanctions program as well as the key items your company needs to know in order to comply with recent sectoral sanctions.

You will learn:

  • How to create a comprehensive non-list based approach to sanctions compliance;
  • Today’s key sectoral sanctions regimes as well as what financial institutions need to know in order to stay compliant;
  • Examples and case studies of other activities-based sanctions not related to any list (e.g. Venezuelan ‘new debt’).
OFAC

Duration: 

75 minutes

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 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.

Peter Jeydel
Associate
Steptoe & Johnson, LLP

Mr. Jeydel’s practice focuses on US economic sanctions and export controls, including the sanctions regulations of the Treasury Department’s Office of Foreign Assets Control (OFAC), and the export control regulations of the Departments of Commerce and State. He counsels clients on compliance, transactions, licensing, jurisdiction and classification assessments, disclosures, and regulatory and enforcement actions. He has represented persons facing US criminal charges or under criminal investigation for export controls and sanctions violations. The Vice Chair of the American Bar Association’s Export Controls and Economic Sanctions Committee of the International Law Section, he frequently writes about this broad field.

Clay Stevenson
Independent Consultant
Mitsubishi UFJ Financial Group

Continuing Education

SanctionsAlert.com typically requests CAMS (Certified Anti-Money Laundering Specialist – ACAMS) and CAFP (Certified Anti-Money Laundering and Fraud Professional -ICB) credits for its live webinars. Please send us a message if you wish to confirm which credits have been obtained.

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

This Live Webinar is Included in the SanctionsAlert.com Membership. SanctionsAlert.com Members will receive an email with log in details one day before the Webinar. These are also posted on the SanctionsAlert.com Platform. After the Live Webinar, SanctionsAlert.com Members can also view this webinar on-demand on our Platform.

Attendee Testimonials

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Bank of America

“Great knowledge from the presenters and the content was relevant”
— José R. Fernandez, Bank of America – Charlotte, NC, USA

Logo

Wells Fargo

“Great coverage of information”
— Cathy Swindell-Smith, Wells Fargo – Charlotte, NC, USA

Logo

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

Logo

RBC

“The content was excellent and easy to understand. The presenters did a great job!”
— Susan Wilson, RBC – Toronto, Canada

Logo

Comerico Bank

“Both speakers were exceptionally knowledgeable and provided practical information regarding the sanctions changes”
— Adam Hermes, Comerico Bank – Livonia, USA

Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
May 30, 2018

FinCEN CDD Rule Comes into Effect; FFIEC Issues Guidance for Compliance Suites, including for OFAC Officers

On May 11, 2018, exactly two years after being issued, the Financial Crimes Enforcement Network (“FinCEN”)’s implemented its new Customer Due Diligence (CDD) Rule. This CDD rule enhances CDD requirements and also adds a new requirement for financial institutions to identify, and verify the identity of, the beneficial owners of certain legal entity customers. (more…)

OFAC Enforcement Actions: Trends and Analysis

Upcoming Webinar

Date:  Thursday, June 21, 2018

Time:  12:00 PM – 01:15 PM EST (New York),
5:00 PM – 6:15 PM GMT (London), 6:00 PM – 7:15 PM CET (Amsterdam)

In its role as the U.S. sanctions enforcer, the Treasury’s Office of Foreign Assets Control (OFAC) has recently doled out a number of hefty fines for sanctions violations. In 2017 alone, OFAC imposed a fine of $2 million against ExxonMobil for violating Ukraine-Related Sanctions, as well as a $12 million fine against CSE Global Limited and CSE TransTel Pte Ltd, and a whopping $1.2 billion against ZTE Corporation for violation of the Iranian Transactions and Sanctions Regulations.

In this SanctionsAlert.com webinar, our expert speaker will discuss the recent trends in OFAC penalties, analyze specific cases that display these trends, and explain how your company can keep up to date with OFAC’s enforcement strategies.

You will learn:

  • Which companies have been subject to OFAC penalties for sanctions-related violations;
  • Trends in the size of penalties or settlements for sanctions-related violations;
  • Discussions of how specific cases reflect OFAC’s enforcement strategies; and
  • Insights into how OFAC’s enforcement strategies may have changed during the Trump Administration as compared to the Bush and Obama Administrations.
OFAC

Duration: 

75 minutes

Speaker:

Bryan Early

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.

Bryan Early, Ph.D.
Associate Professor
Political Science Department, University at Albany

EBryan R. Early is an Associate Professor in the Political Science Department at the Rockefeller College of Public Affairs & Policy, Director of the Center for Policy Research (CPR), and the founding Director of the Project on International Security, Commerce, and Economic Statecraft (PISCES). He conducts research on topics related to foreign policy, international security, and political violence and is an expert on economic sanctions, strategic trade controls, and the proliferation of nuclear and aerospace technology. His book Busted Sanctions: Explaining Why Economic Sanctions Fail (Stanford University Press, 2015) offers the first comprehensive explanation of the causes and consequences of sanctions busting. Early graduated with his PhD in Political Science from The University of Georgia in 2009 and earned his BA in Politics from Washington and Lee University in 2004. From 2008-2009, he was a research fellow at Harvard University’s Belfer Center for Science and International Affairs. As the Director of PISCES and a principal investigator at the Center for Policy Research, Early has been the recipient of 38 grant awards totaling over $4.6 million since 2011.

Continuing Education

SanctionsAlert.com typically requests CAMS (Certified Anti-Money Laundering Specialist – ACAMS) and CAFP (Certified Anti-Money Laundering and Fraud Professional -ICB) credits for its live webinars. Please send us a message if you wish to confirm which credits have been obtained.

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

This Live Webinar is Included in the SanctionsAlert.com Membership. SanctionsAlert.com Members will receive an email with log in details one day before the Webinar. These are also posted on the SanctionsAlert.com Platform. After the Live Webinar, SanctionsAlert.com Members can also view this webinar on-demand on our Platform.

Attendee Testimonials

Logo

Bank of America

“Great knowledge from the presenters and the content was relevant”
— José R. Fernandez, Bank of America – Charlotte, NC, USA

Logo

Wells Fargo

“Great coverage of information”
— Cathy Swindell-Smith, Wells Fargo – Charlotte, NC, USA

Logo

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

Logo

RBC

“The content was excellent and easy to understand. The presenters did a great job!”
— Susan Wilson, RBC – Toronto, Canada

Logo

Comerico Bank

“Both speakers were exceptionally knowledgeable and provided practical information regarding the sanctions changes”
— Adam Hermes, Comerico Bank – Livonia, USA

FREE! Hot Trends in Cutting-Edge Sanctions Technology

Upcoming Webinar

Date:  Tuesday, June 12, 2018

Time:  12:00 PM – 01:15 PM EST (New York),
5:00 PM – 6:15 PM GMT (London), 6:00 PM – 7:15 PM CET (Amsterdam)

As has always been the aim of SanctionsAlert.com, we wish to not only provide the best training and development for sanctions professionals, but to arm sanction professionals with the know-how needed to carry out their daily duties with the upmost efficiency and effectiveness. To that end, SanctionsAlert.com has created the Sanctions Technology Taskforce (STTF).

In addition to providing various useful resources to the compliance community, STTF members are tasked with conducting regular Technology Webinars to keep the sanctions community abreast of all the latest developments in sanctions technology.

In this SanctionsAlert.com STTF webinar, our sanctions technology experts will discuss the recent trends in sanctions technology and how such technologies can be applied to your business in order to make day-to-day compliance duties more efficient.

Our experts will discuss:

  • The growth of “reputational risk” as a concern for FIs and non-FIs, and how advanced analytics and ML can be leveraged to mitigate that risk;
  • Moving away from “rules based” analytics in screening of accounts and transactions, and the use of machine learning for better risk management and automation;
  • how recent developments in screening methods and software can improve your day-to-day compliance strategy; and
  • how new tech platforms can help to effectively tune your business’s sanctions processes and operations.
OFAC

Duration: 

75 minutes

Eventbrite - Hot Trends in Cutting-Edge Sanctions Technology

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.

Debra Geister
Principal
Navigator Consulting Group, LLC

photogeisterMs. Geister has spent 15 years in a leadership role in banking compliance and in a vendor capacity. She launched Navigator Consulting Group, LLC. to help companies focus on identifying improved processes surrounding analysis and detection of risk and opportunities. Her team identifies and implements effective detection process and systems and other opportunities for effective, improved business process through convergence, improved investigation practices, typology management and similar areas. In addition, the teams Ms. Geister employs leverage her success in consumer-focused product building and management by helping companies build effective products for the Financial Services sector. Ms. Geister spent three years as Senior Vice President, leading the combined Fraud and Bank Secrecy Act Unit at a Financial Institution. She also spent 15 years in Consulting, Operations and Product Management for Wolters-Kluwer Financial Services and LexisNexis Risk Solutions.

Joseph M Bognanno III
Chief Innovation Officer
Safe Banking Systems

Joseph joined Safe Banking Systems in April 2018 and is spearheading the process for developing, managing and implementing new ideas and innovation throughout SBS. He will also be responsible for change management and participating in the development of strategic partnerships.

He brings a broad perspective to his CIO role, having worked as practitioner, solutions vendor and regulator.  Prior to joining SBS, Joseph served as SVP, Head of Global Risk Analytics at HSBC and was responsible for all transaction monitoring and name screening analytics. He managed teams engaged in all aspects of model governance in relation to AML analytics, design, development, optimization, model validation and remediation.

Previously, he held various positions at anti-money laundering solutions provider NICE Actimize and spent seven years in the U.S. Treasury, Office of Technical Assistance (OTA).  At OTA, he worked as Senior Advisor on Economic Crimes, and U.S. Treasury Attaché liaison to the South American FATF to engage with the U.S. Treasury, the U.S. Department of State, USAID, the International Monetary Fund, the World Bank, Organization of American States, the Financial Action Task Force and other organizations to provide information technology solutions to combat financial crime through technical assistance programs.

Joseph has over 25 years of experience in the financial industry. More than 15 years have been spent within the Compliance industry, working to mitigate money laundering and other financial crime risks through the use of technology specific to AML/FCC initiatives. He has provided training, technical assistance, and guidance to both public and private sectors in over 40 countries.

As an AML subject matter expert, he has spoken at various industry events, notably ACAMS and FATF Plenaries, and has provided expert AML/CFT commentary to a number of international publications.

Joseph is also the co-chair of the New York City Alumni Club for The Johns Hopkins Carey Business School.

Continuing Education

SanctionsAlert.com typically requests CAMS (Certified Anti-Money Laundering Specialist – ACAMS) and CAFP (Certified Anti-Money Laundering and Fraud Professional -ICB) credits for its live webinars. Please send us a message if you wish to confirm which credits have been obtained.

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

This Live Webinar is Included in the SanctionsAlert.com Membership. SanctionsAlert.com Members will receive an email with log in details one day before the Webinar. These are also posted on the SanctionsAlert.com Platform. After the Live Webinar, SanctionsAlert.com Members can also view this webinar on-demand on our Platform.

Attendee Testimonials

Logo

Bank of America

“Great knowledge from the presenters and the content was relevant”
— José R. Fernandez, Bank of America – Charlotte, NC, USA

Logo

Wells Fargo

“Great coverage of information”
— Cathy Swindell-Smith, Wells Fargo – Charlotte, NC, USA

Logo

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

Logo

RBC

“The content was excellent and easy to understand. The presenters did a great job!”
— Susan Wilson, RBC – Toronto, Canada

Logo

Comerico Bank

“Both speakers were exceptionally knowledgeable and provided practical information regarding the sanctions changes”
— Adam Hermes, Comerico Bank – Livonia, USA