OFAC

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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 Group, LLC
Recommended CLE/CPE Hours: 1.75 - 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: 093915
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for OFAC Compliance & Enforcement Issues live webcast:


Proposed Agenda (click here to view more)

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



U.S. Department of the Treasury
Gerard (Jerry) W. LiVigni
Senior Compliance Officer, Office of Foreign Assets Control (OFAC)
speaker bio »»

U.S. Department of the Treasury
Lorraine B. Lawlor
Chief, Compliance Outreach, Office of Foreign Assets Control (OFAC)
speaker bio »»

U.S. Department of the Treasury
Jonathan Thomas
Senior Compliance Review Coordinator, Office of Foreign Assets
Control (OFAC)
                       speaker bio »»

Ernst & Young LLP
Steven Beattie
Anti-Money Laundering Services Leader, Financial Services
speaker bio »»

Who Should Attend?

- Board of Directors
- Senior Executives
- Internal Audit
- General Counsel
- Accountants and Auditors
- Operations and Compliance Officers
- Anti–Money Laundering Lawyers and Specialists

Why Attend?

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

Registration Information:                                                                                                                                    


 

 

 

 


OFAC Compliance & Enforcement Issues:
a Guide to Minimizing the Risk of Sanctions
Speaker Firm and Agencies:


U.S. Department of the Treasury





 

The Knowledge Group, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

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.

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.