OFAC in 2012 - Sanction Compliance


Presented by: Tim White

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Is your OFAC program up-to-date with the latest exam requirements and best practices? This fast pace 2 hour webinar will provide best practices and hands-on tips for reassessing all areas of your institution's OFAC compliance program, including: assessing the many sanction program changes (the 5 Iranian programs, CISADA, NDAA & WMD); risk assessment; monitoring; reducing false positives; reviewing hits; thresholding; calling OFAC; documentation; reporting; testing; and procedures. This program will concentrate on best practices for updating your program in this fast-changing compliance arena, and how to address the hot spots that hold the greatest risk for regulatory criticism and OFAC violations for financial institutions of all sizes. These tips and best practices for reducing your inherent OFAC risk will enable attendees to take immediately steps to determine what approaches might be the most efficient, economical and best suited for their institutions' OFAC programs. Is your institution affected by the latest Iranian programs CISADA and NDAA? Find out if your institution is paying too much for OFAC filtering services. During this presentation, we'll consider the OFAC implications of these and other products and services:

  • Remote deposit capture (RDC)
  • International ACH transactions (IAT)
  • Domestic ACH transactions
  • Correspondent banking
  • Pre-paid value cards
  • E-banking
  • New account opening
  • Cashing "on-us" checks
The 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. The monitoring practices that will be presented will enable the attendee to take immediately steps to determine what approaches might be most economical and best suited for an institution's OFAC program.

Webinar Objectives
  • Understand why OFAC compliance is so very challenging
  • Understand how to communicate OFAC risk to your FFIEC examiner
  • Understand the factors that influence and reduce your institution's inherent OFAC risk
  • Understand regulatory risk and the risk of an actual OFAC violation and the difference between the two.
This webinar will also address:
  • Why OFAC's sanctions are becoming a more important issue in BSA exams
  • Enforcement and penalty guidelines
  • Why the recent JP Morgan Chase enforcement action is significant
  • Why the ING enforcement action penalty was $ 619 million
  • Politically exposed persons (PEPs)
  • FinCEN's advanced notice for proposed rule making on beneficial ownership
  • Why OFAC mandated the change in the cross-border ACH formats
  • How the SWIFT cover payments issue relates to the IAT and FEDLine changes
  • How OFAC risk assessment differs from AML/BSA risk assessment
  • Risk-based decisions and documentation for OFAC compliance
  • OFAC filtering guidelines within the FFIEC BSA/AML-exam manual
This webinar is designed for financial institutions of all sizes and will provide practical guidance for monitoring and help you understand many of the fundamentals that are often overlooked in OFAC presentations. You'll learn what's new, what's different, and what you now need to focus your attention on. 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 and experienced regulators
About the Speaker: Timothy R. White, CAMS is the National Risk Specialist for Bankers 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 Nations 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 Banks BSA/AML specialists on OFAC compliance technologies. In 2004 Tim was a member of the ABAs BSA - OFAC Working Group on OFAC Examination Procedures. In 2003 he addressed BSA and OFAC as a faculty member of NACHA 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 Accuitys 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 Xeroxâs International Management Center in Leesburg, VA

This program was recorded in its entirety in September 2012. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_ofac0912
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Friday 18 March, 2016.

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