OFAC for Community Banks


Presented by: Tim White

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This is targeted training designed specifically with the community banker in mind, providing what you need to know and skipping coverage of what you don't. Tim will provide this important information in a fast paced easy to understand program with emphasis on clear and concise examples that gives precedence to addressing the regulatoryexam risks verses the unlikely risks of real OFAC hits!

In a community bank where your odds of encountering a real OFAC hit are minimal it doesn't make sense to spend a lot of time learning the number of business days within which you must file a report of blocked assets, what the annual reporting requirement is, or what all the general and special licenses are. Your time and resources are better spent focusing on precisely what you truly need to know and what you need to do to satisfy examiners and minimize your regulatory risk.

From performing, documenting, and updating your OFAC risk assessment to employing appropriate measures to detect matches to the list of Specially Designated Nationals (and other entities and individuals encompassed by individual sanctions programs), there are certain tasks you must perform and procedures you must implement. The Office of Foreign Assets Control doesn't mandate the steps you take - their focus is purely on enforcement. It is your regulator that has specific expectations. This program will break it all down for you and help ensure you know what to do in order to be in compliance and why.

About the Speaker: Timothy R. White, CAMS is a BSA & OFAC Automation Specialist for Banker's Toolbox, Inc., a leading provider of BSA & OFAC automation to the financial institution marketplace. Tim has licensed BSA and OFAC compliance software to over a 1,400 financial institutions since 1994 when he started working in the OFAC compliance arena.

Tim is an expert on OFAC and has addressed OFAC and BSA issues at conferences throughout the United States including BOL's BSA Top Gun Conference. Tim has published articles in the ABA Bank Compliance magazine, ACAMS Today and Western Banking magazine. In 2011 Tim was a member of ACAMS' certification exam re-write task force. In 2008 he was a member of a working group formed by the United Nation's Al-Qaida Taliban Sanctions monitoring team pursuant to UNSCR 1735. In June 2006, at the request of the US Department of State, he addressed an EU-US Workshop on Financial Sanctions and Terrorist Financing in Vienna, Austria. In 2005, Tim provided training for the Federal Reserve Bank's BSA/AML specialists on OFAC compliance technologies. In 2004 Tim was a member of the ABA's BSA - OFAC Working Group on OFAC Examination Procedures. In 2003 he addressed BSA and OFAC as a faculty member of NACHA's Payments Institute. In 2002, Tim consulted the FBI on interdiction software capabilities within the financial institution marketplace. In 2001, while working for Thomson Financial Media, and in conjunction with First Data Western Union, Tim wrote the original product requirements for the first international interdiction database called Global Regulatory File, (now Accuity's Global WatchListâ„¢); the first commercially marketed international sanctions database.

Tim is the current Chairman of the West Coast AML Forum Board of Directors and is an active certified member of ACAMS first graduating class. Tim has been a presenter at more than 100 conferences, webinars and regulatory forums in the past 15 years. After earning a Bachelors of Business Administration Degree from the University of Iowa he attended Xerox's International Management Center in Leesburg, VA.

This program was recorded in its entirety in May 2017. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_ofac0517
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Tuesday 07 March, 2017.

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