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The ABC's of Effective Sanctions Compliance

With the latest updates on Iran Sanctions

The Office of Foreign Assets Control ("OFAC") of the U.S. Department of the Treasury administers sanctions against targeted foreign countries, terrorists, international narcotics traffickers, and other threats. For example, this month, U.S. Treasury announced new financial sanctions on Iran over its controversial nuclear program. Other countries or international organizations have also issued sanctions lists, including the European Union and the Bank of England. Financial institutions have the daunting task to monitor their clients and transactions to avoid multimillion dollar penalties.

After a short overview of sanctions regimes, our expert speaker will clear doubts about reporting requirements and blocked assets, how OFAC assesses and calculates penalties, and pursues enforcement actions against US and non-U.S. entities. You will receive an update on U.S measures directed at Iran's international trade transactions and learn what information and documentation to request of clients to ensure compliance with current sanctions regimes. We will also address pros and cons of using automated screening systems and how to monitor ongoing effectiveness.

In this webinar you will learn:

• How to tailor the program to your financial institution's risk areas
• Lessons from the enforcement trenches: Lloyds TSB, and Credit Suisse case
• What is a U-turn transaction and is it allowed?
• The extraterritorial enforcement of U.S. sanctions
• OFAC's final rule on "Economic Sanctions Enforcement Guidelines"
• Elements of an effective U.S. sanctions compliance program
• Regulator's examination procedures

About The Speaker:

Lauren Pickett, LLP Regulatory & AML Consultant at Compliance Consulting LLC
Lauren Pickett has been working for financial institutions for over 25 years, specializing in the Anti-Money Laundering and US Sanction field for the last 16 years. As a Senior Vice President and Director of Global AML Training at Citigroup Inc., Ms. Pickett was responsible for coordinating and delivering comprehensive Anti-Money Laundering training globally not only to Citigroup/Citibank Senior Management and staff, but also to financial institutions located in various countries. In 2001, Congressman Edolphus Towns invited Ms. Pickett to be a member of his task force and travel to the Dominican Republic to to meet with senior government officials discuss the county’s economic development and future trade agreements. Currently Ms Pickett has established her own consulting practice where she works with financial institutions to evaluate and strengthen all aspects of their Anti-Money Laundering Programs.

About The Moderator:

Saskia Rietbroek, CAMS
Saskia was the founding Executive Director of the Association of Certified Anti-Money Laundering Specialists (ACAMS). She is president of AML Services International, a money laundering consulting and training firm, and Financial Crime Advisor to Fiserv, a Fortune 500 company. She serves on the Advisory Board of ACAMS and formerly Money Laundering Alert. She is frequently quoted in the New York Times and Wall Street Journal.

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