2024 Agenda
ACI’s highly anticipated Proficiency Series provides true immersion in Economic Sanctions with the objective of becoming proficient in four weeks.
MODULE 1
February 6, 2024 • 1:30–4:30pm EST
Your U.S. Economic Sanctions Roadmap – Key Concepts, Agencies, Jurisdictions and Roles – and Who to Contact for What
During this practical opening session, expert instructors will take you through the key agencies involved in U.S. sanctions implementation and enforcement and the evolving framework of U.S. Secondary Sanctions and Human Rights-related actions including:
- Basics of sanctions law: e.g., TWEA, IEEPA, Executive Orders, and Designations
- Introduction to OFAC, BIS, DOJ, State Department, Congress and how they work together
- U.S. Sanctions Jurisdiction: Extra-Territoriality » What are Primary, Sectoral, and Secondary Sanctions?
- Introduction to OFAC’s 50% Rule
- Key Licenses and Exemptions » Sources of Guidance: Alerts, FAQs, and Enforcement Actions
- Intersection of Economic Sanctions, Export Controls and ore National Security Areas
- Secondary Sanctions
- Scope: Menu-based versus Designations
- Application in Practice
- Financial Institution Considerations
- Human Rights and Supply Chain Considerations
- Sanctions in Context: Import Controls, Export Controls, and Sanctions to Target Human Rights Violations and Abuses
- Human Rights-related Sanctions: e.g., Global Magnitsky, Burma, Belarus, Xinjiang, and Hong Kong
- Economic Sanctions and Export Controls
- How economic sanctions and export controls interact-and their increasing interplay
- Key agencies responsible for implementing and enforcing export controls-and their coordination and overlap with OFAC, BIS, DOJ and more
Erin Lahey
Deputy Head of Group Financial Security OFAC Sanctions Advisory
BNP Paribas
(WSN Member)
Jen Inman
Director Export Controls
SAP
Will Schisa
Counsel
Davis Polk & Wardwell LLP
MODULE 2
February 8, 2024 • 1:30–4:30pm EST
RUSSIA: A Deep Dive into the Latest Russia Sanctions Compliance and Screening Requirements
Summary of Current Program:
- Overview of framework for current Russian program
- Which authorities are implementing Russia-related restrictions?
- Comprehensive review of Russian sanctions evolution and what is on the horizon.
- “Who” Based Restrictions
- Asset freezing restrictions including primary targets (banks, oligarchs, politicians, defense industry)
- “Where” Based Restrictions
- Embargoes on Ukrainian occupied territories occupied by Russia
- “What” Based Restrictions
- Trade Controls: Export & Import Restrictions
- Professional Services Ban » Investment bans
- Capital market/ securities restrictions.
- Targeting of certain sectors in Russia (defense, energy and financial)
Key Compliance Issues & Predictions for the Next 6-12 Months:
- Ownership & Control Assessment
- US 50% Rule
- EU/UK Ownership & “Control” Analysis: How can you prove control?
- Export Controls
- Rising expectations on financial institutions (FinCEN Advisory)
- Integration of export and import functions and use of HTS.
- “Technical assistance” and related services controls
- Diversion
- Enforcement
- Publicly identified actions to date
- Expected regulator pivot to investigation and enforcement as rules stabilize.
- Cross-border investigations and cooperation (including US-UK)
- Where are we headed?
- One-way ratchet on restrictions with a long-time frame
- Designations / export controls / restricted services
- Considerations for remaining in Russia.
- Lessons learned for exiting Russia-and the possible roadblocks
Igor Sobolev
Director, Financial Crime Prevention Unit, Sanctions
Sumitomo Mitsui Banking Corporation
Laura Deegan
Counsel
Miller & Chevalier Chartered
Dara Fernandez Perez
General Counsel for Trade Sanctions (EMEA)
Honeywell
MODULE 3
February 13, 2023 • 1:30–4:30pm EST
CHINA: Comprehensive Analysis of Recent OFAC Guidance on China Risk Mitigation for Your Operations – and the Impact of China’s Retaliatory Measures
- The Essentials of U.S. Sanctions on China
- DPRK and Iran-related designations of Chinese entities
- Use of Entity List
- Xinjiang and human rights-related designations, and the interplay with UFLPA
- CMIC sanctions
- FCC Covered List and government procurement bans
- Contrasting Biden v. Trump Administration policies
- Upcoming restrictions on certain investment in Chinese AI and other companies
- 2005 Section 311 designation of Banco Delta Asia
- Chinese Blocking Statute (passed January 2021)
- Reporting requirement on Chinese companies
- Prohibition on compliance with “foreign law”
- Private right of action
- Identification of “extraterritorial” laws status
- Pending identification of “extraterritorial” laws
- Potential for aggressive enforcement compared with the EU
- How to address balance compliance with Chinese laws and US sanctions
- Chinese Retaliation
- China’s Anti-Foreign Sanctions Law (passed June 2021)
- Risk retaliatory measures for compliance with foreign sanctions in China
- Exposure to countersanctions by Beijing against persons or entities instigating or implementing sanctions
- Retaliation for U.S. and EU sanctions over Xinjiang and Hong Kong
- Chinese Data Security Law (passed June 2021)
- New data security law, effective September 1, 2021, requiring all companies in China to classify data
- New rules regarding “critical information infrastructure.”
- Ambiguous classification and handling requirements
- How will these new rules be enforced?
- China’s Unreliable Entity List
- Chinese consumer backlash
Lila Landis
Chief Compliance Officer
SEKO Logistics
(WSN Member)
Darshak Dholakia
Partner
Dechert LLP
Roy Liu
Partner
Akin Gump LLP
MODULE 4
February 15, 2024 • 1:30–4:30pm EST
A Complete Primer on EU and UK Sanctions-and the Similarities and Differences with U.S. Restrictions
This session will provide you with a complete guide to the EU and UK Sanctions landscapes-and their application to European, U.S. and other foreign-owned multinationals. The US has worked closely with the UK and Europe on sanctions implementation, however, there still remains many differences and nuances amongst all three sanctions regimes.
Topics of discussion to include:
- Demystifying EU/UK Sanctions Regimes:
- Asset Freezes and Travel Bans
- “Any Transaction” Prohibition
- Restrictions on SWIFT access for financial institutions
- Investment restrictions » Oil Price Cap
- Professional services ban
- 11th EU Sanctions Package
- Key Differences across US, EU, and UK for Russia
- “Transactions” Prohibitions: US & EU
- Limited list-based sanctions: the “sectoral” sanctions program current
- Examining EU Regulations and Member State implementation and enforcement
- Review of UK sanctions and export controls – OFSI and DIT implementation
- Comparing and contrasting EU, UK, and US sanctions
Jamie Schafer
Partner
Perkins Coie LLP
Nick Price
Partner
Osborne Clarke LLP
Daragh O’Shea
Partner
Mason Hayes & Curran
MODULE 5
February 20, 2024 • 1:30–4:30pm EST
Deciphering Country-Specific Sanctions: A Roadmap to U.S. Sanctions on Iran, Cuba, Venezuela, Syria, North Korea, Afghanistan, Belarus
Iran
- Jurisdictional scope
- Impact of recent developments
- Evolution of the U.S. embargo since JCPOA withdrawal
- Other, overlapping sanctions: IRGC, SDGT, NPWMD, etc.
- Frequently used general licenses and their practical limitations
- Broad array of secondary sanctions authorities
- Section 13(r) of the Exchange Act: SEC reporting requirements for public companies
Cuba
- More expansive jurisdictional scope than other programs
- Differences in exemptions (no travel exemption under TWEA) and civil penalties (TWEA’s statutory maximum penalties are lower)
- Broad prohibitions apply to all Cuban nationals
- General licenses allowing dealings with Cuban nationals permanently residing outside of Cuba
Venezuela
- The Government of Venezuela (GoV) and state-owned entities including PdVSA are blocked
- Various other sanctions apply to Venezuelan bonds, new debt, purchases of securities from the GoV, pledges of collateral by the GoV, and transfers of equity interests owned by the GoV
- Blocking sanctions have been imposed on persons operating in certain sectors
- Discussion of key general licenses, including broad authorizations for CITGO-related transactions and Chevron operations
- Government of Syria and state-owned entities are blocked
- Export embargo, ban on export of services and certain categories of investment
- Humanitarian licensing
North Korea
- Government of North Korea and state-owned entities are blocked
- Foreign subsidiaries of US financial institutions are prohibited from transacting with the
- Government of North Korea or certain North Korean SDNs: How does this play out in practice?
- Investment in, exports to, and imports from North Korea are prohibited
- “Secondary sanctions” risks
Afghanistan
- What sanctions continue in effect?
- General licenses authorizing certain humanitarian activity by NGOs and international organizations
- The scope of limits on fund transfers to the Taliban and the Haqqani Network, including in relation to authorized humanitarian activity
Belarus
- Overlap with Russia sanctions
- Increasing use of targeted SDN designations and coordination with the UK and EU
- Increased use of sanctions to respond to human rights violations
- Risk of SDN designation for companies in certain sectors
Phillip Byrnes
Deputy Head, Sanctions & Head, Group Sanctions Specialist Team
Standard Chartered Bank
Huma Ahmed
Global Head of Sanctions
DWS Group
Ginger Faulk
Partner
Eversheds Sutherland
MODULE 6
February 22, 2024 • 1:30–4:30pm EST
The Essentials to an Effective Global Sanctions Compliance Program: Lessons Learned from Key and Recent Enforcement Actions
Understanding sanctions enforcement is critical for developing and strengthening an effective global sanctions compliance program. Our experienced instructors will unpack the essentials of U.S. sanctions enforcement, including the decision to voluntarily disclose to OFAC, the potential consequences of an OFAC enforcement action, and key lessons from recent cases.
- Recent Key Enforcement Actions and Lessons Learned
- Geofencing and IP address blocking
- Counterparty screening, due diligence, and / or compliance procedures
- Leveraging technological tools for sanctions compliance purposes.
- Preparing a voluntary self-disclosure.
- Remediation and corrective actions
- OFAC’s enforcement guidelines and penalty calculations
- Civil versus criminal enforcement / liability
- Supply chain due diligence » Parent and successor liability
- U.S. sanctions jurisdiction over non-U.S. persons
- Notices from other parties
- Responding to OFAC subpoenas and requests for information
- Considerations for whether or not to make a voluntary self-disclosure
- Potential Enforcement Outcomes
- No action letters, cautionary letters, finding of violations, settlements, penalty notices, and criminal referrals.
- Public versus private dispositions
- Sanctions enforcement as punishment and policy
Hypothetical Exercises, Q & A and Review on the Do’s and Don’ts
Toward solidifying your understanding of the enforcement process, the instructors will take you through a series of hypothetical scenarios to help you apply and understand voluntary self-disclosure best practices. At the end of this module, instructors will provide additional clarification and guidance, and take your questions.
Maeva Donlin
Sanctions Advisory Lead, VP
Bank of the West
(WSN Member)
Waqas Shahid
Vice President, Forensic Services
Charles River Associates
Shrutih Tewarie
Partner
Foley Hoag LLP
MODULE 7
February 27, 2024 • 1:30–4:30pm EST
How to Submit an Application to the OFAC Licensing Division: Practical Guidance for Preparing Your Submissions – and Minimizing the Risk of Delays and Denials
- How to Submit a Specific License Application for Transactional Requests
- The information necessary for OFAC to consider the application “complete.”
- Differences and similarities between a specific license application and a request for interpretive guidance on general licenses
- The role of an OFAC Statement of Licensing Policy or FAQs in a license application
- The interagency process – the roles of the State Department and/or Commerce Department in certain types of applications
- How to Submit a License Application for the Release of Blocked Funds
- How does this type of license application differ from a Transactional Request?
- Types of information required for OFAC to process the application » What is the process for these types of applications?
- Other Types of OFAC Licensing Communications
- General License Guidance Letters – what do these do?
- Denial Letters – what happens if your license application is denied
- When and How to Contact OFAC
- Understanding the timing of getting an OFAC response
- The difference between a formal OFAC determination and the OFAC Compliance hotline
Perry Bechky
Partner
Berliner Corcoran & Rowe LLP
Jeanette Miller
U.S. Head of Sanctions Risk
HSBC Bank USA
(WSN Member)
MODULE 8
February 29, 2024 • 1:30–4:30pm EST
Practical Guidance for Working Effectively with OFAC and Review of Proficiency Exam
In advance of this last unit, participants will complete an assignment on various sanctions scenarios. The questions will be based on real-world case studies. During this last session, participants will share their responses to the assignment questions, followed by in-depth feedback from the expert instructors. In the first half of this session, faculty will discuss how to effectively work with OFAC, OFSI, and the EU Commission. Topics to be discussed include:
- Understanding how OFAC, OFSI, and the EU Commission are structured.
- The importance of FAQs
- Reporting to OFAC, OFSI, and the EU Commission
- Importance of Communication with regulators
- How to best get your questions answered
Award of “Passport to Proficiency”
Participants who have completed all Modules will receive a certificate reflecting their proficiency in the essentials of Economic Sanctions
Laura Deegan
Counsel
Miller & Chevalier Chartered
Christopher Penaherrera
Senior Compliance Officer
Office of Foreign Assets Control
U.S. Department of the Treasury
Sarah Haggarty
Sanctions Compliance Officer
Office of Foreign Assets Control
U.S. Department of the Treasury