OFAC Sanctions and Corporate Compliance: Practical Tips and Strategies to Avoid Risks and Pitfalls
Overview:
In May 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published a framework for OFAC compliance. The core elements of the guidance are aimed at creating a tailored risk-based strategy to ensure sanctions compliance across an organization. It also outlines five components of a compliance program and it includes an appendix identifying the root causes of compliance breakdowns and deficiencies. To mitigate risks, it is imperative for companies to assess the adequacy of their OFAC compliance programs and to tailor them to target risks relevant to the business.
In this LIVE Webcast, a seasoned panel of thought leaders and professionals brought together by The Knowledge Group will present an in-depth analysis of the fundamentals as well as recent developments in OFAC sanctions. Speakers will also present compliance practices and strategies to minimize compliance issues and prevent sanctions violations from occurring. The panel will also address the impact of a designation as a Specially Designated National (“SDN”).
Key topics include:
- OFAC’s Framework for Compliance Commitments – Overview
- OFAC’s Five Components for Sanctions Compliance Programs
- Common Causes of Sanctions Compliance Program Breakdowns and Deficiencies
- Focus on Recent Enforcement Actions
- SDN Designations
- What Lies Ahead
Agenda:
Vinson & Elkins LLP
Introduction to the Office of Foreign Assets Control (“OFAC”)
- What is OFAC?
- Overview of sanctions programs
- OFAC jurisdiction
- Structure of OFAC regulations generally – regulations, executive orders, general licenses, specific licenses
- Prohibition of “dealing in property interests” of sanctioned entity
- Evasion, avoidance and facilitation
- Secondary sanctions
OFAC Compliance
- Framework released by OFAC in May 2019
- Five essential components – management commitment, risk assessment, internal controls, testing and auditing, training
- Importance of tailored risk assessment
Selected Recent Enforcement Actions
Voluntary Self-Disclosures
- What is a voluntary self-disclosure?
- Benefits of disclosures
- OFAC penalty calculation
- New DOJ policy (released December 2019)
Saavedra Goodwin
- OFAC and the SDN designation
- Definition of SDN
- Types of SDNs
- Process of Designation
- Navigating/searching the OFAC database
- Impact of OFAC designation
- Blocking of assets
- Licensure and the license application process for dealing with blocked assets
- Impact of blocking (preclusion of dealing with blocked assets and criminal penalties associated with violations)
- Supremacy of OFAC blocking statute(s)
- Commercial litigation (liens, foreclosures, etc.)
- Admiralty (maritime liens – Versilia litigation)
- Civil asset forfeiture
- Exception to OFAC supremacy: Anti-Terrorism Act/Terrorism Risk Insurance Act
Davis Wright Tremaine
- Significant Enforcement Activity in the Banking Sector
- Large financial institutions
- Small financial institutions
- Individual officers and directors
- Third-Party consultants
- Robust Regulatory Focus
- Compliance culture
- Resources
- Information Technology Strength
- Risk Management Systems
- Emerging Issues
- Implications of Artificial Intelligence
- Action Plan for Financial Institutions
- Focus on Compliance
- Adequate Resourcing
- Maintain IT Strength
- Tailored Risk Management
- AI and Looking Ahead
Who Should Attend:
- Business Lawyers
- General Counsel
- OFAC Officers
- Risk & Compliance Executives
- Senior Management
For over twenty years, Adrianne Goins has resolved disputes for clients. Her practice focuses on commercial arbitration and government contracts …
Glen Lindsay serves as Litigation Counsel for Saavedra | Goodwin. Glen’s practice concentrates primarily on business, regulatory and real estate …
Kevin Petrasic is widely known for his work in advising leading U.S. and international financial institutions on core bank regulatory …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
Basic Knowledge of International Law
Course Code:
148398
NY Category of CLE Credit:
Areas of Professional Practice
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About Vinson & Elkins LLP
Vinson & Elkins maintains the highest standards in how we connect to clients, interact with communities, and make an impact on our profession. Established in 1917, V&E offers experienced legal counsel and top-tier service, assisting sophisticated corporate clients in transactions, projects, compliance, and disputes across various industries in established and emerging markets worldwide. To learn more about us, visit www.velaw.com.
Website: https://www.velaw.com/
About Saavedra Goodwin
Established in 1988, Saavedra | Goodwin is committed to providing large firm quality representation in a small firm atmosphere, offering individualized advice, counsel, and experienced legal representation to clients in a smaller community law firm setting that is tailored to each client’s unique situation. For more than two decades, their AV rated South Florida business, litigation, real estate and aviation attorneys have provided clients around the globe with personalized, efficient service designed to achieve each client's goals.
Website: https://www.dlapiper.com/
About Davis Wright Tremaine
Davis Wright Tremaine LLP is a full-service law firm of 550 lawyers in 8 offices across the United States, including New York, San Francisco, and Washington, DC. Our integrated team of financial services, technology, privacy, and corporate lawyers takes a collaborative approach to helping financial institutions, emerging FinTechs, investors, payment processors, and other companies launch innovative products or invest in new solutions. Learn more about how we can help at www.paymentlawadvisor.com.
Website: https://www.dwt.com/