OFAC in 2010 – A Comprehensive Update!


Presented by: Tim White

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Is your OFAC program keeping pace with the current acceleration of changes and enforcement actions administered by OFAC?

OFAC's influence is greater, penalties are higher and its reach continues to grow wider.

This fast-paced 2 hour webinar is designed for financial institutions of all sizes. It will provide practical guidance for monitoring and help you understand the changing dynamics of OFAC and Sanctions compliance in 2010. This program will provide the peace of mind you need by supplying information that will keep you one step ahead and prepared for anticipated changes related to the latest OFAC issues. In this session, we will cover these and other important topics--
  • New sanction programs
    • IFSR - Iranian Financial Sanctions Regulations (8-16-2010)
    • The Lebanon Sanction Regulations (7-30-2010)
  • Changes to existing programs
    • Cuban service providers - Air, Travel & Remittance to Cuba
    • IATs - Cross Border ACH requirements
    • EAR - Export Administration Regulations
    • More Updates - 48 year to date
    • NPWMD - Iran and North Korea
    • Counter Terrorism
    • Counter Narcotics
  • Bigger Enforcement Actions (exceeding $1 Billion in fines 2009-10)
    • Barclay Bank PLC $298 Million
    • United Nation FCU Settles $5.237 Million base penalty
    • Lloyds TSB Bank plc $217 Million
    • Credit Suisse AG $536 Million
    • ANZ Bank $5.75 Million
    • Changes to the FFIEC BSA exams
    • The updated manual
  • Best Practices for monitoring hot spots (the areas of greatest risk)
    • Stored Value Products
    • RDC (remote deposit capture)
    • Mobile Banking
    • E-banking
    • New account openings
    • Cashing "On-Us" checks
    • The new IAT International ACH Transactions
    • Domestic ACH transactions
    • Paid Value Cards
This practical guidance on actual monitoring practices will help attendees get beyond the "risk-based riddle posed by the FFIEC Examination Manual". Tim is an enthusiastic proponent of risk based BSA & OFAC regulatory compliance and understands that a knowledgeable risk base program can be both efficient and economical. The key is to thoroughly understand all the factors that affect each OFAC risk exposure and how each of these dynamics impact the IT environment and monitoring burdens of the compliance professional. These monitoring practices for reducing the inherent OFAC risk will enable the attendee to take immediately steps to determine what approaches might be most economical and best suited for their institution's OFAC program.

While the program's focus is on evaluating OFAC monitoring practices, it also addresses:
  • Why OFAC's influence is gaining strength
  • Advances in OFAC filtering technologies
  • Why OFAC mandated the change in the Cross Border ACH formats
  • How the SWIFT cover payments issue relates to the proposed IAT and FEDLine changes,
  • Enforcement and penalty guidelines
  • PEPs - politically exposed persons
  • PLC -OFAC and Palestinian Authority lists
  • CTF - terrorism finance; is this the same as OFAC?
  • Risk-based decisions on OFAC compliance
  • EAR - Export Administration Regulations
  • OFAC risk decisions and documentation
You'll learn what's new, what's different, and what you now need to focus your attention on in 2010. Considering all the new developments in the compliance arena, it's easy for something to slip through the cracks. This program will help provide the peace of mind you need by knowing you are one step ahead and prepared for anticipated changes.

Who should attend? This session is designed for:
  • Compliance officers including OFAC/BSA/AML officers
  • Risk management and/or fraud officers
  • Senior management
  • New & experienced compliance auditors
  • ACH operations management
  • New & experienced regulators
About the Speaker: Timothy R. White, CAMS is the National Risk Specialist for Banker’s Toolbox, Inc., a leading BSA/AML solution provider.

Tim is an expert on OFAC and has addressed OFAC and BSA issues at conferences throughout the United States. Tim has published articles in the ABA Bank Compliance Magazine and ACAMS Today. Tim is currently a member of a working group formed by the United Nation’s Al-Qaida Taliban Sanctions monitoring team pursuant UNSCR 1735. In June 2006, at the request of the US Department of State, he addressed a 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 interdict 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 WatchList™); the first commercially marketed international sanctions database.

Tim is a member of the West Coast AML Forum Committee and is an active certified member of ACAMS first graduating class. After earning a Bachelors of Business Administration Degree BBA from the University of Iowa he attended Xerox’s International Management Center in Leesburg, VA.

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CD-ROM Includes:
  • Complete presentation (including slides and audio)
  • Written Materials
  • Follow-up Q & A
You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

This program was recorded in its entirety in October 2010. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_ofac1010
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Friday 10 September, 2010.

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