Duration: 2 x 2 Hour Live Video Tutorials
Upcoming Dates: 23 - 24 Sep 2020
Global sanctions have a wide-ranging effect on business and on financial institutions. Breaching the requirements of sanctions is both illegal and likely to lead to significant fines. For financial institutions, sanctions risk is inherent in significant parts of the business, including client onboarding, and transaction monitoring. Compliance Officers must be...
Global sanctions have a wide-ranging effect on business and on financial institutions. Breaching the requirements of sanctions is both illegal and likely to lead to significant fines. For financial institutions, sanctions risk is inherent in significant parts of the business, including client onboarding, and transaction monitoring. Compliance Officers must be confident in their ability to manage sanctions compliance and to identify and forestall any potential sanctions breaches.
The course considers sanctions and their impact on financial institutions and how to manage compliance with the many faceted and often changing sanctions regimes.
- What do sanctions seek to achieve?
- What happens when you breach sanctions? Actions, penalties, examples
What sanctions are
- International sanctions
- Commercial and trade sanctions
- Tariff and non-tariff trade barriers; export controls; dual use goods
- Asset freezes
- Directions to cease business
- Anti-terrorism and non proliferation
- The UN’s role in and approach to sanctions
- Member states and the application of UN sanctions
- UN Sanctioned countries
- Office of Foreign Assets Control
- Scope and applicability of US Sanctions
- Sectoral sanctions
- Countries under US sanctions and in what way
- Other: Magnitsky, Blood diamonds, non-proliferation, transnational criminal organisations.
- OFAC licences
- Scope and who needs to comply
- Types of EU/UK sanctions including re Russia
- UK specific: asset freezes, restrictions, directions to case business
- Proscriptions under the Terrorism act 2000
- Designated persons
- Chemical weapons
- Meaning of ownership etc
The red flag review
- Exploratory review
- Screening and media searches
- Organisational red flags
- Third party red flags
- Clients and associated parties
- ID and V and beneficial ownership
- Sign off
- Periodic reviews
- Trigger reviews: Types, analysis, who does what
- Internal reporting: when and to whom.
After attending this course, participants will be able to:
- Describe the significant global sanctions regimes
- Be able to identify and assess sanctions risk and risk points
- Explain and apply processes for onboarding screening and transaction monitoring
- Identify and act on red flags