OFAC Compliance in 2015
— 2.0 hours
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Is your OFAC program keeping pace with the current acceleration of changes and increased complexities within the latest sanctions programs enforced by OFAC? The Sectorial Sanction Identification List (SSI) is far more complex than any previous OFAC program. The handling of SSI matches usually requires extensive due diligence on the specific details related to the payments and accounts that are involved (Screening is the easy part of this process). State Department and Treasury officials are talking about increasing the use of these new complex sanctions programs. This is likely our first glimpse of the next generation of sanctions "Smart Sanctions". By all indications sanctions program requirements will continue to be even more arduous.
This fast pace 2 hour webinar will explain specifically what has changed in the OFAC Sanctions arena this year and how these changes can impact your OFAC program. Tim will provide specific examples, details and due-diligence requirements for addressing "Hits" on the New SSI List, as well as the specific fundamentals for being in compliance with each of the new Ukrainian Directives, Sanctions Evaders programs and recent changes in the Iranian and Syrian programs. Tim will provide detailed explanations of industry best practices and hands-on tips for reassessing all areas of your institution's OFAC compliance program, including new concepts for explaining your institution's; OFAC risk assessment; mitigating risk factors; monitoring practices and policies. Tim will address how to respond with a "risk based" approach to several specific exam trends that can quickly create great inefficiency within your OFAC monitoring programs if left unchecked.
OFAC's programs are more exacting, its influence is greater, penalties are higher and its reach continues to grow wider.
Tim's presentation will focus on best practices for updating and testing your OFAC program in this fast-changing compliance arena, and how to address the hot spots that hold the greatest risk for regulatory criticism and OFAC violations for financial institutions of all sizes. These tips and best practices for reducing inherent OFAC risk will enable attendees to take immediate steps to determine what approaches might be the most efficient, economical and best suited for their institutions' OFAC programs.
Tim's practical guidance on actual monitoring practices
Tim is an enthusiastic proponent of risk based BSA & OFAC regulatory compliance and understands that a knowledgeable risk base program can be both efficient and economical. The key is to thoroughly understand all the factors that affect each OFAC risk exposure and how each of these dynamics impact the IT environment and monitoring burdens of the OFAC compliance professional.
Tim will discuss the latest OFAC; Risks, Concerns and Monitoring Concepts of the following; issues, products and services:
This webinar will also address:
This webinar is designed for financial institutions of all sizes and will provide practical guidance for monitoring and help you understand many of the fundamentals that are often overlooked in OFAC presentations.
You'll learn what's new, what's different, and what you now need to focus on. Considering all the new developments in the OFAC compliance arena, it's easy for something to slip through the cracks. This program will help provide the peace of mind you need by knowing you are one step ahead and prepared for anticipated changes within your next BSA-OFAC exam.
Who should attend? This session is designed for:
OFAC Compliance in 2015
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