**This event is a rebroadcast of the LIVE event which was originally held on January 14, 2010. Jerry LiVigni, Lorraine B. Lawlor, and Jonathan Thomas will return for a live audience Q&A session.**
OFAC regulations were designed to put an end to the circulation of illegal funds and to block terrorists from masking fraudulent activity through seemingly legitimate front companies. Some of this activity is deliberate but many firms have been unknowingly duped into performing illegal activity by the terrorist or fraudster. Sanctions, depending on the type of violation, may include blocking of assets and restrictions on trade, fines, and other penalties. Companies must in the first place proactively take steps to detect and block fraudsters thereby avoiding sanctions. Furthermore, once a violation has occurred, the relative severity of it comes into place. Violations are classified as "egregious" and "non-egregious" which weigh in on how big the potential fine may be. This may seem subjective to some firms and it underscores the need to know how violations are classified and how they will be weighted in different cases. Companies must understand how fines are calculated in order to be best prepared if they find themselves in violation of the law.
This Knowledge Group Live webcast will help teach you how to set up proactive programs to detect and manage illegal activity – mitigating your risk for a sanction. In addition, it will help you learn what to do should you suddenly find yourself in the midst of an investigation. Given the potentially serious fallout from a sanction, you must have a thorough and comprehensive understanding of this process. This live webcast is a must attend event for companies that have any risk of being sanctioned by OFAC.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 103991
Gerard (Jerry) W. LiVigni
Senior Compliance Officer, Office of Foreign Assets Control (OFAC)
Jonathan Thomas
Senior Compliance Review Coordinator, Office of Foreign Assets Control (OFAC)
Lorraine B. Lawlor
Chief, Compliance Outreach, Office of Foreign Assets Control (OFAC)
Steven Beattie
Anti-Money Laundering Services Leader, Financial Services
Gerard (Jerry) W. LiVigni, Senior Compliance Officer, Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury
OFAC Compliance
- A "Common Sense" approach in addressing OFAC issues
- Suggestions for a Compliance Program
Lorraine B. Lawlor, Chief, Compliance Outreach, Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury
- Q&A and Comments
Jonathan Thomas, Senior Compliance Review Coordinator, Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury
Sanctions Enforcement
- November 9, 2009 Economic Sanctions Enforcement Guidelines
- General Factors Affecting Administrative Action
- Types of OFAC Responses
- Civil Penalties
Steven Beattie, Anti-Money Laundering Services Leader, Financial Services, Ernst & Young LLP
Strategies for compliance - Challenges, lessons learned, and strategies for success
- Where compliance officers are currently at risk
- Summary of the key challenges faced by the operational, technology and compliance teams within the industry:
- Governance and oversight
- Global scope and local management
- Changes to messaging standards and subsequent ops/tech impact
- Technology - list management, name matches and data challenges
- Technology implementation and integration
- Where others have had operational and/or control failure
- Action steps to effectiveness
- Board of Directors
- Senior Executives
- Internal Audit
- General Counsel
- Accountants and Auditors
- Operations and Compliance Officers
- Anti–Money Laundering Lawyers and Specialists
This is a must attend event to hear & understand the up-to-the-minute and most relevant updates on OFAC Compliance & Enforcement Issues.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A