Final Enforcement Guidelines Leave OFAC with More Discretion Than Ever Before – and Banks, Insurance Companies, Freight Forwarders and Exporters Are All Under Increased Scrutiny. Is Your Company Prepared for Greater Sanctions Enforcement?
The Treasury Department’s Office of Foreign Assets Controls (OFAC) continues to step up enforcement of economic sanctions, increase penalty amounts and impose greater compliance standards on banks, insurance carriers, freight forwarders and exporters.
Companies operating in the global market face unprecedented compliance risks as stricter and broader restrictions are imposed to prevent trade or financial transactions with targeted governments or entities. Recent settlements, including Credit Suisse, Lloyds TSB, ANZ Bank, Gold & Silver Reserve and DHL, demonstrate the government’s resolve to aggressively prosecute OFAC violations and serve as a harsh reminder of the magnitude of consequences for entities that violate U.S. sanctions regulations. Such enforcement activity will undoubtedly continue into 2010 and underscores the importance of having an effective risk-based sanctions compliance program in place.
With enforcement of U.S. sanctions laws becoming more decentralized and prosecutorial, a dramatic increase in penalties and more collaboration between key government agencies, global companies and financial entities must implement preventative measures and enhance existing compliance programs. Failure to detect and prevent OFAC violations is otherwise likely to result in severe consequences.
Now in its third successful year, American Conference Institute’s National Forum on OFAC Compliance and Enforcement features a brand new agenda for 2010 and will once again provide crucial insights on the most pressing sanctions enforcement and compliance issues. Senior industry executives from Bank of America, General Electric, Prudential Financial, Citigroup, UBS, Nationwide, Zurich Financial, Parker Drilling Company, and many others, attorneys and government officials will provide you with the latest information on:
- Working with OFAC to expedite the licensing process
- Conducting a cost-effective internal investigation into potential sanctions violations
- Mitigating risks associated with trade finance
- Conducting sanctions due diligence in mergers and acquisitions
- What the Final Guidelines reveal about the core components of an effective sanctions compliance program for all industries
- Establishing compliance procedures targeting blocking measures
- Update on Cuba sanctions regulations and rule changes
Seats at this unique event are sure to go quickly.
Register now by calling 1-888-224-2480; faxing your registration form to 1-877-927-1563; or registering online at www.AmericanConference.com/OFAC.
Conference Details
