OFAC Compliance Essentials May 2 2024
May 2 @ 11:00 am - 2:00 pm
OFAC Compliance Essentials May 2 2024
Live Instructor-Led Course
Thursday, May 2, 2024
4 Hours
11:00 AM to 2:00 PM Eastern Time (starting 8:00 AM PT / 3:00 PM GMT)
This course will provide an overview of the Office of Foreign Assets Control (OFAC) and its role in enforcing economic sanctions and trade restrictions. The course will cover the legal authority and jurisdiction of OFAC and the types of sanctions programs administered by OFAC. The course will also discuss conformity with OFAC regulations, including the responsibilities of businesses and individuals and the consequences of non-compliance.
Course Objectives:
- Understand the role and legal authority of the Office of Foreign Assets Control (OFAC)
- Become familiar with the types of sanctions programs administered by OFAC
- Learn about compliance with OFAC regulations, including the responsibilities of businesses and individuals
- Understand the consequences of non-compliance with OFAC regulations
- Learn best practices for complying with OFAC regulations in international business transactions.
Course Outline
1 – Introduction to OFAC
- Definition and overview of the Office of Foreign Assets Control (OFAC)
- OFAC’s Role in Enforcing Economic and Trade Sanctions
- Legal Authority and Jurisdiction of OFAC
- Types of Sanctions Programs Administered by OFAC
2 – Legal and regulatory framework for OFAC
- Relevant Laws and Executive Orders
- OFAC Regulations and Guidance
- OFAC penalties
3 – Policies and Procedures
- Senior Management Commitment
- Developing and Implementing an OFAC Program
- Testing and Auditing
- Training
- Root Causes of OFAC Sanctions Program Breakdowns
- OFAC Monitoring and Review Process
- Screening for Sanctioned Parties
- Recordkeeping and Reporting Requirements
4 – Best practices for OFAC compliance in Financial Services
- Best Practices
5 – Challenges and common pitfalls in OFAC compliance
- Challenges
- Navigating Complex and Evolving Sanctions Regimes
- Dealing with Ambiguities and Uncertainties in OFAC Guidance
- Managing Third-Party Risk
6 – Prohibited Transactions
- Examples of prohibited transactions
7 – Case studies and examples of OFAC enforcement actions
- OFAC Financial Sector Enforcement Actions
- Recent Real-world Examples of Recent OFAC Enforcement Cases
- Enforcement Actions Against Crypto Exchanges
- Lessons Learned from these Cases
8 – Conclusion and wrap-up
- Summary of Key Points
- Future Developments and Ongoing Challenges in OFAC Compliance
Certificate of Completion
This course provides education toward two Web3 Certification Board (W3CB) Certifications, including Blockchain Financial Analyst and Blockchain Enterprise Professional. Review the Certification focus areas and exam competencies.
