SDNS and SCPS: OFAC Compliance

Date Recorded: March 13, 2025
Presenter: Mark Dever, AAP, CAMS, Director, Forvis Mazars, LLP.

With the passage of the “21^st Century Peace through Strength Act” in 2024, the statute of limitations for recordkeeping under both the Trading with the Enemy Act (TWEA) and the International Emergency Economic Powers Act (IEEPA) were increased from five to ten years.  With multiple changes to both the SDN and Non-SDN lists, twelve enforcement actions totaling $48.8 million during 2024, and greater examiner scrutiny of OFAC compliance programs, once again, proper OFAC compliance is critically important to all financial institutions. 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 discuss 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
• Updated Recordkeeping Requirements
• Updated Reporting Process
• ACH OFAC Responsibilities
• Ransomware “Issues”
• Examination Focus

This Webinar will also:

• Complement existing internal education sessions to help meet the annual OFAC training requirements for compliance and audit personnel.
• 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 ProBank Education Services will not only provide the compliance and audit staff 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.