SDNs and SCPs: OFAC Compliance 2021 – ON-DEMAND WEBINARS

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Overview

Recorded: July 8, 2021

Presented by: Mr. Mark Dever, VP and Senior Consultant, FORVIS

With multiple changes to both the SDN and Non-SDN lists, eight enforcement actions totaling $13.9 million, and greater examiner scrutiny of OFAC compliance programs, once again, proper OFAC compliance is critically important to all financial institutions this year. OFAC strongly encourages organizations and persons subject to U.S. jurisdiction to employ a risk-based approach to sanctions compliance by developing, implementing, and routinely updating a Sanctions Compliance Program (SCP). This two-hour webinar will review the program recommendations, as well as discuss overall OFAC compliance requirements and responsibilities.

Here’s What You Will Learn:

  • Five essential elements of OFAC Compliance;
  • SDNs and other Non-SDN Sanctions programs;
  • Current sanctioned country list;
  • “Voluntary” reporting formats;
  • ACH OFAC responsibilities;
  • Ransomware “issues”;
  • Examination Focus; and
  • Allow time for questions from participants.

This Webinar will also:

  • Complement existing internal education sessions to help meet the annual OFAC training requirements for compliance and audit personnel; and
  • Allow time for questions from participants.

Recent well-publicized OFAC enforcement actions, fines, and deferred prosecution agreements continue to support a climate proving that OFAC compliance remains of paramount importance to all financial institutions. This two-hour webinar from FORVIS will not only provide the compliance and audit staffs with a current update on compliance with the OFAC requirements, but it will also discuss other regulatory and legal issues related to counter-terrorist financing activities.

Who Should Listen

This webinar will be of value to anyone involved in identifying and “processing” sanctioned activities, and/or for anyone involved in managing the OFAC compliance “program” within the financial institution.This webinar will also be of value for OFAC Officers, compliance officers, training coordinators, and members of the audit staff.

Program Level: Basic

Prerequisite: Basic Knowledge of Anti-Money Laundering and Bank Secrecy Act

Advanced Preparation: None

Field of Study: Specialized Knowledge

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Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.

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