Wednesday, April 25, 2012
8:00 Registration and Continental Breakfast
8:30 Opening Remarks from the Conference Chair
Sara L. Satten
Senior Vice President
Global Sanctions Officer and Deputy BSA Officer
Wells Fargo & Co (San Francisco, CA)
John Reynolds
Partner
Davis Polk & Wardwell LLP (Washington, DC)
8:45 Keynote Address
Adam J. Szubin
Director, Office of Foreign Assets Control
U.S. Department of the Treasury (Washington, DC)
9:15 The Agencies Speak on CISADA, National Defense Authorization Act, Regulations and Key Developments: Practical Impact on U.S. and Foreign Financial Institutions, Insurers, Petroleum and Other Exporters
Linda Specht
Director, Office of Terrorism Finance and Sanctions Policy
U.S. Department of State (Washington, DC)
Dennis Wood
Assistant Director, Sanctions Compliance & Evaluation
Office of Foreign Assets Control
U.S. Department of the Treasury (Washington, DC)
Jamie Boucher - Panel Moderator
Partner
Skadden, Arps, Slate, Meagher & Flom LLP (Washington, DC)
- How the agencies are applying CISADA to US and non-US financial institutions, insurers, reinsurers and exporters, and their subsidiaries and affiliates: Activities and “investments” that are captured
- The latest State Department policy initiatives, and designations under CISADA, SDN additions, and their interplay
- How the National Defense Authorization Act for Fiscal Year 2012 (section 1253) is being implemented
- How OFAC and the State Department apply CISADA to companies investing in the Iran petroleum sector vs. companies outside the petroleum sector
- When a parent company can be liable for foreign subsidiary/affiliate sanctions violations: How OFAC assesses when a parent “knew or should have known” of an attempted or actual violation
- What has triggered penalties, denial of banking privileges or foreign exchange transactions, and asset freezing
- Complying with the Iranian Financial Sanctions Regulations and applicable exceptions
- Scope of non-U.S. entity liability risks for attenuated connections with Iran
- Correspondent banking, audit and due diligence requirements under section 104(e) of CISADA
- how FinCEN is applying the certification requirements under the implementing regulations for s. 104(e) CISADA, and how the certification process is being implemented
- The scope of required monitoring under the FinCEN rule
- Requirements for winding down your business dealings in Iran
10:30 Networking Coffee Break
FOCUS ON SANCTIONS ENFORC EMENT:
10:45 ENFORCEMENT AGAINST REGULATED FINANCIAL INSTITUTIONS
Jonathan Thomas
Chief, Regulated Industries Oversight & Evaluation
Office of Foreign Assets Control
U.S. Department of Treasury (Washington, DC)
Adam Kaufmann
Executive Assistant District Attorney
Chief of the Investigation Division
The New York County District Attorney’s Office (New York, NY)
Sean O’Malley
Vice President and Deputy Chief Investigator
for Enforcement
Federal Reserve Bank of New York (New York, NY)
Betty Santangelo
Partner
Schulte Roth & Zabel (New York, NY)
- Why recent cases against financial institutions have yielded the most significant penalties Key 2012 enforcement priorities impacting the financial community
- What triggers an OFAC and inter-agency sanctions investigation
- When and how the New York District Attorney’s Office investigates and prosecutes cases against financial institutions
- Mitigating and aggravating factors impacting penalty amounts, and how credits are determined and applied
- How the agencies assess a settlement offer and determine whether to accept/reject it
- Recent trends in structuring a global settlement
- To what extent OFAC is using administrative subpoenas, and how
- What the agencies expect for “cooperation” and what has been viewed as “uncooperative”
11:45 ENFORCEMENT AGAINST EXPORTERS AND INDIVIDUALS
Michael Geffroy
Assistant Director for Enforcement
Office of Foreign Assets Control
U.S. Department of the Treasury (Washington, DC)
Steven W. Pelak
National Export Coordinator
U.S. Department of Justice (Washington, DC)
Greta Lichtenbaum
Partner
O’Melveny & Myers LLP (Washington, DC)
- How agencies’ enforcement approach for non-regulated entities and individuals differs from enforcement against regulated financial institutions, including the recent Flowserve case
- Key enforcement priorities in 2012 against exporters and individuals
- What triggers OFAC suspicion and a referral for the U.S. Department of Justice
- The scope of potential individual liability for sanctions violations
- When and how the U.S. Department of Justice decides to investigate and prosecutes cases
- Mitigating and aggravating factors impacting OFAC penalty amounts and settlement agreements
- When voluntary and directed disclosures could result in reduced penalties
- Maximizing credits under the OFAC Enforcement Guidelines
- Negotiating a global settlement
12:45 Networking Luncheon for Speakers and Attendees
2:00 Operating within Evolving U.S. Sanctions against Syria, Burma/Myanmar and Sudan: How to Apply Executive Orders, General Licenses and SDNs to Global Financial and Export Transactions
Sheryl Cottrell
Global Sanctions Head
UBS AG (New York, NY)
Albert V. DeLeon
Head of Compliance Advisory and Monitoring
Zurich Financial (New York, NY)
Judith A. Lee
Partner
Gibson, Dunn & Crutcher LLP (Washington, DC)
Syria
- Status and impact of executive orders, general licenses and SDN additions: How sanctions against Syria are expanding
- How OFAC is implementing general licenses
- Prohibitions on export of financial, legal and other services, transactions involving petroleum products
- Impact of current restrictions on insurance/reinsurance policies that pre-date the sanctions
- How OFAC sanctions differ from the U.S. Commerce Department’s sanctions program for Syria
Burma/Myanmar
- Update on evolving U.S. sanctions
- Which transactions and other business activities are captured under current restrictions
- Defining “financial services”
- Determining if someone is on the SDN list, and ownership
- When goods can be shipped or re-sold by foreign affiliates
Sudan
- Assessing the risks of entering South Sudan for business
- What business you can/cannot do in South Sudan
- How the U.S. is helping to promote activity in South Sudan
3:00 Networking Coffee Break
3:15 Integrating EU Sanctions Restrictions into Your Global Compliance Program: Comparing and Contrasting Heightened EU and OFAC Requirements
Daniel Yorks
Director, OFAC Compliance
Deutsche Bank (New York, NY)
Jay Seymour
Senior Attorney
BP America Inc. (Warrenville, IL)
Stephen J. Shine
Chief Regulatory Counsel
Prudential Financial (Newark, NJ)
Lista M. Cannon
Partner-in-Charge, London
Fulbright & Jaworski L.L.P. (London, UK)
- Comparing and contrasting EU sanctions against Iran vs. CISADA and implementing regulations
- Scope of EU restrictions on domestic and foreign entities, transactions, equipment and technology supporting Iran’s petroleum industry
- Securing EU approvals: When and how to seek approval for transferring funds to and from Iranian persons, entities or bodies, and when approvals are not required
- Transactions that are excluded from the scope of EU sanctions
- Tailoring your internal legal and compliance programs to comply with conflicting requirements
- Balancing U.S. sanctions with conflicting EU blocking statutes
- The scope of risk and enforcement for breaches of UK and EU sanctions
4:30 The Aftermath of Libya and Lessons Learned on Emergency Sanctions Implementation: What You Wish You Knew Then That You Know Now
Francisco Rapp
Chief Sanctions Officer
Global Sanctions Compliance
Citigroup Inc. (Miami, FL)
Céline Gerson
Chief Ethics and Compliance Officer
Cameron International Corporation (Houston, TX)
Lisa Palluconi
Counsel, Governmental Programs
IBM Corporation (Washington, DC)
Robert Sims - Panel Moderator
Partner
Latham & Watkins LLP (San Francisco, CA)
Leading legal and compliance experts who have been “in the trenches” will discuss their war stories,
best practices and lessons learned on how to prepare for a future wave of emergency sanctions.
Particular focus will be on how to position your internal screening, compliance, legal and communication
processes to quickly implement new restrictions, and what to do in the first 24-48 hours.
Topics will include:
- Strengthening Internal Processes and Procedures
- Positioning your organization to implement new sanctions immediately, and reduce liability risks
- Updating internal systems
- Ensuring effective internal communication, compliance awareness, and communication with OFAC
- When, how and if you can break a transaction quickly
- Developing efficient systems for locating accounts affected by emergency systems
- Identifying all affected business, customers and contracts: Consolidating by country, products and customers for easy record retrieval
- Adjusting screening processes, and scrubbing lists
- Emerging areas of risk post-Arab Spring
5:30 Conference Adjourns to Day 2
Day 2- Thursday, April 26, 2012
8:30 Opening Remarks from the Co-Chairs
8:35 Keynote Address: The Present and Future of EU and UK Sanctions
Mikael Down
Head of Sanctions & Counter Illicit Finance Team
HM Treasury (London, UK)
9:15 Implementing Remedial Measures after a Sanctions Investigation: How to Tighten Policies and Restore Confidence
Arvind Sharma
Senior International Trade Counsel
Flowserve Corporation (Irving, TX)
Fred Curry
Principal
Deloitte Financial Advisory Services LLP (Washington, DC)
Steve Mulligan
Vice President-OFAC Compliance
HSBC Bank USA NA (New Castle, DE)
- How should sanctions compliance policies and procedures differ when a company is in remediation
- Fostering company-wide sanctions awareness through successful training
- Customers: what and when make disclosures to customers
- Terminating problematic agents, and vetting new ones
- Updating your risk assessment process for your global operations
- When to implement blanket denials of transactions involving sanctioned country vs. implement a case-by-case approach
- Measuring potential risks when sourcing new product lines and customers
- Collecting and controlling information, and documenting your rationale
10:15 Networking Coffee Break
10:30 Q & A SESSION- Ask the Agencies about Their Sanctions Compliance Expectations: How They Assess and Monitor U.S. and Foreign Entity Compliance Programs
Lorraine B. Lawlor
Chief of Compliance Outreach
Office of Foreign Assets Control
U.S. Department of the Treasury (Washington, DC)
Indira Crum
Office of the Comptroller of the Currency (OCC) (Washington, DC)
Beverly Jules
Supervising Examiner
Federal Reserve Bank of New York (New York, NY)
Alison Clew - Panel Moderator
Principal
Deloitte Financial Advisory Services LLP (Boston, MA)
At this exclusive roundtable discussion and Q & A session, you will get first-hand insights on what it takes to meet agency requirements for a sanctions compliance program. Hear how they assess the strengths and weaknesses of a program, and how they monitor program improvements after the fact. Audience members are welcome to ask their questions or submit them anonymously before the session.
Topics will include:
- How OFAC assesses a sanctions compliance program
- Comparing and contrasting OFAC, OCC and Fed approaches to assessing compliance
- What is considered “satisfactory”?
- OCC and Federal Reserve Bank approaches to examining and grading a sanctions compliance program, and monitoring program improvements
- Adjusting a sanctions compliance program to meet agency expectations
11:45 Minimizing Facilitation Risks Affecting Multinational Transactions, Supply Chains and Corporate Structures
Carol Fuchs
Counsel, International Trade Regulation
GE Corporate, International Law & Policy
General Electric (Washington, DC)
Elizabeth T. Davy
Partner
Sullivan & Cromwell LLP (New York, NY)
- Defining “facilitation”
- Facilitation risks in connection with related parties, foreign subsidiaries and joint ventures
- Identifying and reducing facilitation risks across your supply chain, corporate structure, human resources, and IT
- Managing facilitation challenges associated with joint venture partners
- OFAC guidance: Lessons learned from enforcement cases and advisory opinions
- Minimizing facilitation risks in connection with unrelated non-U.S. parties
- Working with non-U.S. companies with ties to sanctioned countries, including vendors and customers
12:30 The Latest on the OFAC Licensing Process, Timeline and Decision-Making Criteria: How to Minimize Delays and License Denials under Existing and New Sanctions Programs
Andrea Gacki
Assistant Director for Licensing
Office of Foreign Assets Control
U.S. Department of the Treasury (Washington, DC)
Susan M.C. Kovarovics
Partner
Bryan Cave LLP (Washington, DC)
- Update on current and anticipated OFAC licensing policy shifts
- Overcoming licensing challenges associated with new sanctions programs, including Syria
- Lessons learned from license denials: Key application errors, and where approvals are decreasing
- Factors in OFAC decision-making when reviewing a license
-
Anticipated changes to TSRA activities
- Interplay between the State Department and OFAC, and the impact on the approvals timeframe
- Expected timeframe for OFAC responses, and how to obtain a status update regarding your application
1:30 Conference Concludes
Conference Details