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On May 2, 2019, the Office of Foreign Assets Control (OFAC) released new guidance stating that holistic sanctions risk assessments must be a part of a company's Sanctions Compliance Program (SCP) for the SCP to qualify as a mitigating factor in enforcement decisions. These risk assessments require banks and businesses to understand how individual departments and product lines might be exposed to sanctions risk, how to identify high-risk transactions and parties, and which of these risks can be addressed with appropriate controls. Yet, many banks and businesses continue to rely on processes that do not reflect the diverse range of sanctions programs and measures in place today. For example, OFAC now sanctions country-based embargoes, lists of prohibited parties, sectoral sanctions with transaction-specific restrictions, as well as numerous general licenses that authorize certain activity with a sanctions nexus. This topic helps persons at the C-Suite, department management, and transaction review levels understand how to evaluate risks posed by parties, transactions, and entire lines of business. In addition, the material explains how companies can identify measures to mitigate sanctions risk at systemic and transaction-specific levels. Moreover, this topic will cover specific issues concerning financial transactions with a historically high risk of sanctions exposure. As OFAC continues to raise its standards for compliance practices, this information is critical for businesses to ensure that their SCP meets the new requirements and mitigates unnecessary risks across their organizations.
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Agenda
Overview: What Is an OFAC Risk Assessment?
- Several Definitions
- Scope of Review
OFAC Risk Assessment Process: How to
- Identify the Parties, Geographic Regions, and Products/Services Involved
- Identify a Potential Sanctions Nexus
- Identify the Relevant Rules (Statutes, Regulations, Guidance, Legal Advice, or Internal Policies)
- Evaluate the Risk Posed by a Sanctions Nexus
- Identify and Implement Possible Controls
- Determine Appropriate Next Steps Based on Risks Posed and Risk Appetite
How to Conduct Risk Assessments of International Funds Transfers
- Commercial Transfers
- Personal Transfers
- Informational Constraints
How to Conduct Risk Assessments for New Customers
- Nonresident Aliens
- International Organizations
- Partner/Customer Intake Forms and Profiles
How to Conduct Risk Assessments for Commercial Letters of Credit
- International Commercial Shipments
How to Conduct Risk Assessments for Overseas Branches and Subsidiaries
- High Enforcement Priority
- Foreign Partner/Customer Affiliates
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OnDemand Course
This course was last revised on December 12, 2023.
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To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
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This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Oliver Krischik
GKG Law, P.C.
- Partner, GKG Law, P.C.
- Practice areas include data privacy, OFAC economic sanctions, export controls, anti-money laundering, transportation, trade and logistics, international trade compliance, banking and financial fraud, and trade and professional associations
- Currently advises all GKG Law attorneys on data privacy and sanctions issues pertaining to various practices at the firm
- Super Lawyers Rising Star, Top Rated Administrative Law Attorney in Washington, D.C. and Best Lawyers Ones to Watch in Washington, D.C. Transportation Law
- Often quoted in national publications, including The New York Times, on areas related to his practice areas
- Featured speaker on webinar and seminar topics, including data privacy, international trade, transportation, and issues surrounding sanctions and immigration
- Published author on a range of legal issues, including data privacy, OFAC sanctions, federal financial regulations, export controls, and transportation
- Served as co-chair of the Economic Sanctions Practice Group at a mid-size firm prior to joining GKG Law, P.C.
- American Bar Association Section of International Law’s Export Controls and Economic Sanctions Committee and Steering Group Member
- Admissions: Virginia and the District of Columbia
- J.D. degree, Georgetown University Law Center
- Can be contacted at [email protected] or 202-342-5266
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