U.K. Sanctions and Anti-Money Laundering Act 2018: Legal Implications and Compliance Considerations

Upcoming Webinar

Upcoming Webinar

U.K. Sanctions and Anti-Money Laundering Act 2018: Legal Implications and Compliance Considerations

Date: Thursday, December 06, 2018

Time: 10:00 AM – 11:15 AM EST | 03:00 PM – 04:15 PM London
04:00 PM – 05:15 PM Amsterdam

Regardless of whether they originated at the U.N., E.U., or OSCE, the U.K. currently derives all of its economic sanctions regimes from European law. However, since the historical U.K. decision to leave the E.U. (or ‘Brexit’), it has been unclear how exactly the U.K. will implement sanctions policy after the divorce.

The new Sanctions and Anti-Money Laundering Bill (or SAMLA), which was passed by Parliament in Spring 2018, provides the U.K. powers to impose, update, and lift sanctions once the U.K. leaves the E.U. in March 2019. But will the U.K. sanctions landscape stay the same, or is it likely to change drastically? What are the new compliance implications, if any, for U.K. and global companies?

In this SanctionsAlert.com webinar, our speakers will untangle the SAMLA web and provide insight into how the U.K. sanctions might (or might not) change when it is implemented next year.

You will learn:

  • The implications of SAMLA’s powers and penalties;
  • What the future holds regarding cooperation with E.U. and International allies, including potential divergence from other sanctions regimes;
  • ‘Designation by description’ and what that will mean from a compliance perspective;
  • A break down of Government guidance provided thus far;
  • Details of any expanded reporting obligations; and
  • Potential licensing opportunities and/or changes to policy.

Sign up today! Tell your friends, clients, customers and colleagues about it.

SanctionsAlert webinars conduct audience polls that will give you vital benchmarking data so you can measure your anti-money laundering compliance against others.

Registered attendees will receive a Certificate of Attendance to demonstrate required AML training to auditors, and regulators.

Jeremy Scott-Joynt
Pupil Barrister (and Former Head of Investigations at Standard Chartered)
Outer Temple Chambers in London

Jeremy coming to the UK Bar, Jeremy worked in international banking compliance for 7 years. As Standard Chartered Bank’s Head of Investigations for Europe, and then its Senior Anti-Bribery and Corruption (AB&C) Advisor, he investigated civil and criminal allegations against both clients and staff, advised senior management on legal and regulatory matters, and oversaw the evolution of controls to tackle fraud and corruption. Thereafter, he was the Criminal Risk Officer for Bank of Montreal in EMEA, building out the bank’s financial crime control programme and advising senior management on matters including the Criminal Finances Act, MiFID II and the Senior Managers’ Regime.

Before moving into banking, Jeremy spent four years at the UK regulator – the Financial Services Authority – as an intelligence and investigations specialist. During that time, he oversaw enquiries involving allegations of fraud and corruption, advised on financial crime concerns as Deputy MLRO, and built the intelligence basis for successful prosecutions including the £250m HBOS Reading high-risk lending fraud.

Andy Wragg
Global Chief Compliance Officer
AXA Corporate Solutions

Andy is the Global Chief Compliance Officer of AXA Corporate Solutions, part of AXA XL, and is currently based in Paris and London.  He leads a network of compliance resource in 10 countries overseeing compliance with regulatory requirements across the company’s international network and, amongst other responsibilities, ensures effective controls around international sanctions, anti-fraud, bribery, corruption and anti-money laundering, as well as data privacy requirements.  Previously, Andy led the Corporation of Lloyd’s team specialising in regulatory non-compliance resolution, and providing sanctions and financial crime compliance oversight and guidance to the Lloyd’s Market.  During this time, Andy built a market-facing regulatory compliance capability for Lloyd’s, assessing and testing the market’s financial crime compliance standards.

Duration:

75 minutes

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

Are you an ACSS or SanctionsAlert Member? This Webinar is included in your membership. Members do NOT need to register for this webinar to attend, but will receive complimentary log in details via email.

OFAC $5M Fine Against JPMC Partially Due To Failure in Properly Screening Clients’ Pooling Accounts

October 29, 2018
By: Scott Nance*

In order to optimize interest and improve liquidity for their clients, financial institutions frequently maintain so-called ‘pooling accounts’, in which funds from many different accounts are combined. Funds in such accounts may belong to multiple persons or belong to only one person, but are often used to make payments to a number of other parties on a periodic basis. Pooled accounts are often used to settle balances between these different entities. (more…)

OFAC Fines Epsilon $1.5 Million: Four Lessons for U.S. Exporters With Products In Iran

October 3, 2018
By: SanctionsAlert.com

On September 13, 2018, Epsilon Electronics Inc, a car audio and video equipment manufacturer, agreed to pay the U.S. Treasury’s Office of Foreign Assets Control (OFAC) $1,500,000 to settle a case related to alleged violations of the Iranian Transactions and Sanctions Regulations.

The case, which is a culmination of a 2014 penalty notice and two court cases, contains four vital lessons for U.S. exporters whose products may be found in Iran. (more…)

FREE! The Blocking Statute: Protecting E.U. Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

Upcoming Webinar

Upcoming Webinar

FREE! The Blocking Statute: Protecting E.U. Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

Date: Thursday, November 15, 2018

Time: 10:00 AM – 11:15 AM EST | 03:00 PM – 04:15 PM London
04:00 PM – 05:15 PM Amsterdam

Eventbrite - Protecting EU Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

On May 8, 2018, President Trump announced that the U.S. would be withdrawing from the Iran nuclear deal. Following this decision, E.U. leaders agreed to activate the so-called Blocking Regulation, which bans European companies, under threat of punishment, from complying with U.S. sanctions against Iran.

This discrepancy between U.S. and E.U. regimes severely complicate matters for financial institutions and companies looking to comply with sanctions against Iran. Furthermore, there is little to no guidance on this from the regulators.

In this SanctionsAlert.com webinar, our expert speakers will discuss the vital elements of the E.U. Blocking Statute as well as how to best deal with the discrepancy between E.U. and U.S. rules in order to stay compliant.

You will learn:

  • The history of the E.U.Blocking Statute;
  • What the amendment to the Annex of the Blocking Statute means in practice (de facto perspective) as opposed to what it means in law (de jure perspective);
  • The clawback provision of the Blocking Statute;
  • The catch-22 companies can find themselves in as a result of the renewed US sanctions and the Blocking Statute; and
  • The extent to which the Blocking Statute is a political statement as opposed to an effective tool which E.U. companies can rely on.

Duration:

75 minutes

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

Eventbrite - Protecting EU Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

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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.

Alina Nedea
Deputy Head of Restrictive Measures Unit
Service of Foreign Policy Instruments
European Commission

Having specialised in EU law, Alina currently deals with a wide range of EU sanctions issues, from their shaping, negotiation and adoption, to their practical implementation and potential lifting, as well as and their relationship with UN sanctions.

Alina’s portfolio includes several geographical EU sanctions regimes, as well as thematic ones such as terrorism and chemical weapons, but she also monitors horizontal projects like the humanitarian impact of sanctions. In recent months, she has been closely involved in the so-called “revival” of the Blocking Statute, including its adoption, and is coordinating the team in charge of monitoring its application at EU and national level.

In her previous life, Alina was a lawyer in a leading Spanish law firm, advising and representing clients in competition law disputes and administrative proceedings before national and EU authorities, and teaching EU law in Spain and Germany. She is still a member of the Barcelona Bar Association and continues to cooperate with academia in Belgium.

Alex Haines
UK Barrister
Outer Temple Chambers

Alex Haines specialises in the sanctions regimes of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs), and the institutional law of international organisations more generally. He regularly appears and litigates before international tribunals and bodies around the world, including Washington DC, New York City, London, Geneva and Manila. The cases he has been instructed in have involved more than 25 international organisations, including the World Bank Group, the European Investment Bank, the Asian Development Bank, the African Development Bank, the United Nations, the World Food Programme and the North Atlantic Treaty Organisation.

Alex has lectured on the sanctions proceedings of MDBs to the Brazilian Bar Association (Rio, 2014), the British Chamber of Commerce (Hong Kong, 2015), the Korean Bar Association (Seoul, 2016), the Shanghai Bar Association (Shanghai, 2016), the universities of Paris I, Pantheon-Sorbonne and Paris II, Pantheon-Assas (Paris, 2016), and he was a panellist at the 35th International Symposium on Economic Crime at Jesus College (University of Cambridge, 2017). His work on sanctions has continued through his efforts with Transparency International’s Suspension and Debarment Taskforce and Oxford International Organisations, a new Oxford University Press database.

He was called to the UK Bar in 2007 and passed the NY Bar in 2018. He is currently co-drafting a chapter on UK, UN and EU Sanctions for Smith, Owen, and Bodnar on Asset Recovery.

Using OSINT to Detect Sanctioned Entities and Persons

Upcoming Webinar

Upcoming Webinar

Using OSINT to Detect Sanctioned Entities and Persons

Date: Thursday, November 29, 2018

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

People and enterprises that have been sanctioned will often create alternative profiles and hidden channels. Regulatory measures in Europe and the US have placed an increasing burden of responsibility on corporates, their officers and agents to take active measures to ensure that they do not interact with such parties. However, professional “sanction” databases do not go much beyond stating the relevant name and address. So, how can you be sure that you are not trading with a known associate or offshore subsidiary of a sanctioned party?

Open Source Intelligence, or “OSINT” for short, is a well-proven and much used methodology used by intelligence agencies. It was devised over time for the purpose of uncovering relevant data by carrying out structured searches of all publicly available information. Such data can be in the form of words or numbers, text, image, audio, or video located on the web or in social media; it can be discovered via a conversation or phone-call.

In this SanctionsAlert.com webinar, our sanctions expert will discuss the growing trend of using OSINT as part of your compliance duties and how to effectively discover relevant facts and data about sanctioned parties that they might prefer you didn’t know.

Our experts will discuss:

  • What are OSINT technologies and methodologies, as well as how you can use these tools to quickly and effectively discover relevant facts about sanctioned parties;
  • Understanding the difference between information discovery in the surface web vs. the deep web;
  • How to search across three distinct dimensions of information: static content, edited content and dynamic content, as well as how to make such searches in almost any human language; and
  • What is structured search and how to create effective ‘Boolean’ search strings to make the best use of enforced term operators and field type searches.

 

Sign up today! Tell your friends, clients, customers and colleagues about it.

NoMoneylaundering webinars conduct audience polls that will give you vital benchmarking data so you can measure your anti-money laundering compliance against others.

Registered attendees will receive a Certificate of Attendance to demonstrate required AML training to auditors, and regulators.

Robert Maxwell
Chief Executive Officer
FinINTEL Solutions Ltd

After twenty-five years working for leading investment banks and fund managers as a financial analyst, Robert switched his focus eight ears ago to the area of Open Source Intelligence (OSINT) and on how to bring its techniques and methodologies into the financial sector. He soon focused on the discovery and monitoring of financial crime, on AML, KYC and enhanced due diligence.

Apart from his work training financial investigators and analysts working at various regulators, banks and corporates in the usage of OSINT techniques within their daily work streams. Robert is also an external advisor to K2 Intelligence in Madrid, where he specializes in investigating complex international fraud. He also undertakes regular teaching assignments in universities in London and Madrid.

Duration:

75 minutes

Speaker:

Robert Maxwell

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

Are you an ACSS or SanctionsAlert Member? This Webinar is included in your membership. Members do NOT need to register for this webinar to attend, but will receive complimentary log in details via email.