OFAC’s 50 Percent Rule: Uncovering the Complexities of Compliance
Date: Tuesday, June 04, 2019
Time: 12:00 PM – 01:15 PM EST | 05:00 PM – 06:15 PM London
06:00 PM – 07:15 PM Amsterdam
At face value, OFAC’s 50 Percent Rule appears straightforward, but looks can be deceiving. Complying with this complex rule can prove to be quite complicated, in large part because OFAC does not publish a list of majority SDN-owned entities; that legwork is left to compliance teams to determine. Is your institution’s watchlist screening program equipped to stand up to costly fines and the associated risk that comes along with this rule?
Join CSI and ACSS for a discussion on the challenges of screening lists for this rule and the complexities of the associated content that comes along with it. We will discuss an approach for gaining a better grasp on your customers’ identities that will result in a stronger compliance program.
Key Learning Points:
- Identifying the specifics on both OFAC’s and the EU’s 50% rule(s) and the challenges that come along with them
- Reviewing recent updates to sanctions programs that have heightened the focus on these rules, and real-life examples of fines/actions that have resulted
- Deploying practical steps for evaluating programs/policies/procedures to ensure you know your customers and who you are doing business with to optimize compliance efforts
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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.
Amber Goodrich, CAMS, CRCM
CSI Regulatory Compliance Division
Ms. Goodrich has been in the financial services industry for more than 15 years and brings a wealth of knowledge in operations, compliance and enterprise risk management. She has functioned in a variety of roles within both large and small institutions, specializing in compliance and anti-money laundering. In her tenure at CSI, Ms. Goodrich has served as an instrumental subject matter expert for a wide variety of compliance issues. Most recently operating on CSI’s Product Management Team, she assists in the development and maintenance of CSI’s WatchDOG®Elite software solutions, including Watch List Screening, Vendor Management and SmartRisk IQ Enterprise Risk Management.
Ms. Goodrich is a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Regulatory Compliance Manager (CRCM), and she speaks regularly on compliance hot topics.
Anna Sayre, Legal Content Writer, SanctionsAlert.com