OFAC Compliance in 2015: Latest US Sanctions

Recorded on February 10, 2015   |   With Tim White

OFAC Compliance in 2015: Latest US Sanctions

With Tim White
  • 1 Video
  • 2 PDFs
  • 2.0 hrs
Course description

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:

  • De -risking
  • Correspondent Banking
  • The Status of the JP5+1 Iranian Accord
  • General Licenses
  • Special Licenses
  • Remote Deposit Capture (RDC)
  • E-banking
  • Mobile Banking
  • New account openings
  • Cashing "on-us" checks
  • Letters of Credit
  • SWIFT messages

Webinar Objectives

  • Understand why OFAC compliance is so challenging
  • Understand how to communicate risk base OFAC policies and monitoring practices to your examiner
  • Understand the factors that influence and reduce your institution's inherent OFAC risk
  • Understand regulatory risk and the risk of an actual OFAC violation and the difference between the two.

This webinar will also address:

  • Why OFAC's sanctions are becoming a more important element in BSA exams
  • Enforcement and penalty guidelines
  • Lessons learned from both large and small enforcement actions
  • How OFAC risk assessment differs from AML/BSA risk assessment
  • Risk-based decisions and documentation for OFAC compliance
  • OFAC filtering guidelines within the FFIEC BSA/AML-exam manual

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:

  • Compliance officers including OFAC/BSA/AML officers
  • Risk management and/or fraud officers
  • Senior management
  • New & experienced compliance auditors
  • ACH operations management
  • New and experienced regulators

Course Curriculum

OFAC Compliance in 2015
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Tim  White
Tim White

Timothy R. White, CAMS is Vice-President, Business Development and Sanctions for AML RightSource.

  • Has licensed AML and Sanctions Interdiction Software to over 1400 financial institutions.
  • Expert on OFAC/Sanctions issues and has addressed OFAC and BSA issues at conferences throughout the United States and internationally
  • Has published articles in;

    • ACAMS Today
    • ABA Bank Compliance Magazine
    • Western Banking Magazine
  • Member - ACAMS’ Certification Exam Task Force in 2010 and 2016. 
  • 2007 – Member, working group formed by the United Nation’s Al-Qaida Taliban Sanctions monitoring team pursuant UNSCR 1735 
  • 2006 - Addressed an EU-US Workshop on Financial Sanctions and Terrorist Financing in Vienna, Austria.
  • Provided training for the; Office of the Comptroller Currency and Federal Reserve Bank’s BSA/AML specialists on OFAC and BSA compliance technologies.
  • 2004 – Member, ABA’s BSA - OFAC Working Group on OFAC Examination Procedures
  • 2002 advised the FBI on interdiction software technologies
  • Chairperson 2012-2018 - West Coast AML Forum in San Francisco
  • Active certified member of ACAMS first graduating class.
  • Advisory Board Member 2019 – West Coast AML Forum in San Francisco