OFAC Compliance and Enforcement Forum

A 9:00 a.m. to 12:30 p.m.

U.S. Sanctions Demystified: A Primer on Key Requirements, OFAC Agency Structure, and Who to Contact for What

Lorraine B. Lawlor
Chief of Compliance Outreach
Office of Foreign Assets Control
U.S. Department of the Treasury (Washington, DC)

Meredith H. Terrell
Director, Global Sanctions
American Express Co. (New York, NY)

Franceska O. Schroeder
Partner
Fish & Richardson P.C. (Washington, DC)

This practical and interactive workshop will provide you with a comprehensive roadmap for complying with key US sanctions requirements, as well as navigate OFAC’s agency structure, leadership and how to work with them.The expert workshop leaders will supply you with a foundation for dealing with your most pressing daily compliance challenges and will take you through the ins and outs of principal US sanctions regimes. Whether you are new to the field of sanctions compliance or are a seasoned veteran seeking a comprehensive refresher, attending this workshop will help you to maximize your learning at the advanced sessions that are the hallmark of the main conference.

• How OFAC is structured
  • role of the Chief Counsel’s Office, their powers and how they work with other OFAC departments
  • how licensing and compliance departments interact
• Who to contact at OFAC for what- and when
• Elements of OFAC’s three comprehensive sanctions programs relating to Cuba, Iran and Sudan
  • who is subject to these rules
  • what are the principle areas of risk
• Complying with narrower sanctions programs relating to Syria, Burma and North Korea
• What are “targeted” sanctions, and how they are being used by OFAC
• What OFAC expects for global compliance programs: Core components
• Tailoring your sanctions compliance program to your industry’s risk areas
• Training your US vs. non-US employees: Fostering company-wide compliance awareness
• Monitoring foreign operations and employees to ensure continued compliance

B 1:30 p.m. to 5:00 p.m.

Iinsurance and Reinsurance: implementing Effective Screening and Compliance Practices to Meet Your Unique OFAC Risk Profile

David J. Brummond
Senior Sanctions Advisor - Insurance
Office of Foreign Assets Control
U.S. Department of the Treasury (Washington, DC)

Marty Nevrla
Senior Corporate Counsel
Office of Corporate Compliance
Liberty Mutual Group (Boston, MA)

Melvin S. Schwechter
Partner
Dewey & LeBoeuf LLP (Washington, DC)

Recent OFAC enforcement actions involving insurance carriers underscore the need for insurers and reinsurers to implement and monitor robust screening and compliance policies that are tailored to their unique risk areas.At this interactive workshop, workshop leaders will discuss the heightened economic sanctions risks affecting the insurance industry and supply attendees with the tools they need to tailor screening, compliance programs and policies to their very specific risk profiles. Topics will include:

• Impact of CISADA on insurers and reinsurers, and update on current and pending regulations
• Level of due diligence required for insurance and reinsurance contracts
• When and how often to screen policyholders, beneficiaries and claims information
• Cuba sanctions risks:
  • how to pay a Cuban beneficiary named before Cuba sanctions programs and subsequent changes came into effect
  • securing licenses to make payments to Cuban nationals
• Addressing risks that are unique to property casualty insurance/reinsurance: How to assess risks associated with claims payments
• How to respond to State inquiries to licensed insurers regarding their investments
• When to freeze premiums, and what an insurer can/cannot do with premiums already collected
• When to allow a policy to lapse, and how to treat renewals
• When to apply for a license vs. make a payment through a bank
• How OFAC views “treaty” insurance
• Insuring cargo vs. a vessel: Key sanctions-related considerations
• Update on OFAC’s enforcement approach with respect to insurers and reinsurers

Post-Conference Workshop – thursday, april 28, 2011

C 2:00 p.m. to 5:30 p.m.

Conducting Due Diligence for Complex Financial Transactions: How to identify and Manage Direct and indirect Sanctions Risks

Elaine Banar
Executive Director, Sanctions/FCPA Compliance
UBS (Stamford, CT)

Satish M. Kini
Co-Chair, Banking Group
Debevoise & Plimpton LLP (Washington, DC)

As US sanctions enforcement heats up across the globe, your organization cannot afford to miss serious warning signs posed by corporate financial transactions. Now more than ever, your global sanctions compliance program must include a rigorous vetting process that allows you to discover critical risk factors before it’s too late.

At this practical, intensive workshop, you will learn the ins and outs of what to look for, how to identify warning signs and how to quantify the potential risks of a given transaction. Topics inclde:

• Fine tuning your risk-based approach to complex transactions, including M & A, underwriting, financing transactions and credit facility agreements
• Updating your due diligence approach in light of CISADA and the new EU Regulation
• Detecting key risk areas: What to look for and ask at the due diligence stage
• Expanding your due diligence to incorporate the assessment of indirect sanctions risks
• Key documents to review, and how
• Quantifying the potential exposure of a transaction: Key factors impacting your assessment
• Detecting sanctions risks associated with foreign banks, issuers, US correspondent accounts and acquisition targets
• Using non-disclosure and confidentiality agreements to gain access to required documentation
• When the risks outweigh the benefits: When to forego the transaction or wind down the business
• Managing the reputational risks associated with a given transaction
• When and how to involve in-house and external advisors at the due diligence phase
• When to conduct periodic reviews of a target
• Post-closing implementation: Bringing an acquired target into the compliance fold

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