OFAC Enforcement Actions on the Rise: Effective Ways to Strengthen Your Compliance Programs
Presented by The Knowledge Group
Sanctions offenses against the Office of Foreign Assets Control (OFAC) carry civil and criminal liabilities, with a single business trade or deal potentially resulting in multiple violations and hefty fines. In just a few years, civil penalties and settlements have grown from several millions of dollars to billions of dollars. Despite OFAC’s increasing enforcement actions, many businesses remain in the dark, putting OFAC compliance to the top of the agendas of boards and senior executives.
OFAC regulations have flourished mostly after the 9/11 attacks and have since been evolving with the stricter emphasis on national security. The U.S. has been implementing sectoral sanctions focused on certain entities across several international industries, such as in Russia and Iran. A company merging with or entering into new international markets also changes its risk profile. It then become crucial for policies and procedures to be improved to protect the company against OFAC violations and sanctions.
Companies should also ensure that their compliance programs are in accordance with OFAC’s Specially Designated Nationals (SDN) list and country program and are incorporated into the development of new products and services as well as international trade agreements. In the recent case involving BNP Paribas and Commerzbank, the government exacted substantial penalties from the banks for doing business with blacklisted countries in violation of the U.S. sanctions laws. Through information technology, companies are now checking this list for banned vendors, customers, and employees. Recent enforcement actions show that the government is looking beyond international banks to sanction penalties from global companies operating in other industry sectors.
In this two-hour LIVE Webcast, a panel of key thought leaders and OFAC compliance specialists will share their insights on high-profile cases involving OFAC, provide guidance on recent enforcement actions, and share their thoughts and experiences on how to effectively Strengthen Your Compliance Programs.
Key topics include:
- trends and developments in OFAC sanctions enforcement in 2016
- risk assessment and compliance procedures on anti-corruption and sanctions laws
- best practices for complying with OFAC sanction laws
- key compliance issues and risks in international markets
- compliance issues on SDN lists
- future developments and how to prepare for them
CLE credit available.