Understand sanctions compliance and
targeted financial sanctions (TFS). Learn global frameworks (UN, OFAC, EU) and
associated risks. Develop skills for effective compliance programs and customer
screening.
Learning Objectives:
- Understand the principles of sanctions compliance, including targeted financial sanctions (TFS).
- Learn about the global sanctions frameworks, including UN, OFAC, EU, and other country-specific regimes.
- Identify key risks and challenges associated with sanctions compliance and violations.
- Develop skills to implement an effective sanctions compliance program.
- Master the process of screening customers and transactions to ensure compliance with targeted sanctions.
- Understand the role of financial institutions in monitoring, reporting, and managing sanctions-related risks.
- Explore the consequences of non-compliance, including penalties and reputational risks, and how to avoid breaches.
Course Outline:
Introduction to Sanctions Compliance and Targeted Financial Sanctions (TFS):
- Overview of sanctions, their objectives, and how targeted sanctions work.
- Importance of sanctions compliance in financial institutions and businesses.
Global Sanctions Frameworks:
- Key sanctions regimes (UN, OFAC, EU) and how they apply across jurisdictions.
- Differences between sectoral sanctions, country sanctions, and targeted financial sanctions.
Risks and Challenges in Sanctions Compliance:
- Common risks in sanctions compliance, including doing business in high-risk jurisdictions.
- Key challenges organizations face in navigating complex sanctions regulations.
Implementing an Effective Sanctions Compliance Program:
- Steps to design a sanctions compliance program, including policies, internal controls, and employee training.
- Importance of conducting risk assessments and setting up a sanctions compliance governance framework.
Screening Customers and Transactions:
- Techniques for effective customer and transaction screening using sanctions lists (e.g., SDN list).
- Automating sanctions screening and monitoring systems.
Reporting and Investigating Sanctions Breaches:
- How to handle suspected sanctions violations.
- Reporting obligations and dealing with regulatory authorities.
Penalties for Non-Compliance:
- Overview of penalties and enforcement actions for sanctions violations.
- Case studies on sanctions breaches and the lessons learned.
Best Practices for Ensuring Ongoing Compliance:
- Continuous monitoring, periodic audits, and staff training for effective sanctions compliance.
- Best practices for avoiding breaches and minimizing exposure to sanctions risks.
Duration:
Days (including case studies, practical exercises, and compliance program development).
Level: Intermediate to Advanced
- Suitable for compliance officers, legal professionals, risk managers, and executives responsible for sanctions compliance.
Prerequisite:
Basic knowledge of AML/CFT frameworks and financial crime regulations.
Category:
- Sanctions Compliance
- Risk Management/Regulatory Compliance
