Description
Learn effective techniques for managing working capital in your business.
On May 2, 2019, the Office of Foreign Assets Control (OFAC) released new guidance stating that holistic sanctions risk assessments must be a part of a companys Sanctions Compliance Program (SCP) for the SCP to qualify as a mitigating factor in enforcement decisions. These risk assessments require banks and businesses to understand how individual departments and product lines might be exposed to sanctions risk, how to identify highrisk transactions and parties, and which of these risks can be addressed with appropriate controls. Yet, many banks and businesses continue to rely on processes that do not reflect the diverse range of sanctions programs and measures in place today.
For example, OFAC now sanctions countrybased embargoes, lists of prohibited parties, sectoral sanctions with transactionspecific restrictions, as well as numerous general licenses that authorize certain activity with a sanctions nexus. This topic helps persons at the CSuite, department management, and transaction review levels understand how to evaluate risks posed by parties, transactions, and entire lines of business. In addition, the material explains how companies can identify measures to mitigate sanctions risk at systemic and transactionspecific levels.
Moreover, this topic will cover specific issues concerning financial transactions with a historically high risk of sanctions exposure. As OFAC continues to raise its standards for compliance practices, this information is critical for businesses to ensure that their SCP meets the new requirements and mitigates unnecessary risks across their organizations.
Date: 2023-03-16 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe OFAC Risk Assessment.
* You will be able to review a departments policies or a specific set of transactions and identify areas of high risk that require additional risk controls on a systemic or transactionspecific basis.
* You will be able to discuss the elements of a partys sanctions risk profile and how that impacts decisionmaking at a relationship or transactionspecific level.
* You will be able to explain controls that can mitigate sanctions risk in different types of transactions.