Key Details

Duration: 1 Day Location: Virtual - GST Price: 3,500 AED per person
Upcoming Dates: 19 - 20 Nov 2020

Overview

This highly practical course will assist Compliance Officers and others responsible for managing the risks of sanctions breaches to construct a robust control environment. In addition, the course will provide an update on the recent changes to the Iranian sanctions.

Session 1

Introduction

  • What do sanctions seek to achieve?
  • What happens when you breach sanctions? Actions, penalties, examples

What sanctions are

  • International sanctions
  • Commercial and trade sanctions
  • Tariff and non-tariff trade barriers; export controls; dual use goods
  • Asset freezes
  • Directions to cease business
  • Anti-terrorism and non proliferation

UN Sanctions

  • The UN’s role in and approach to sanctions
  • Member states and the application of UN sanctions
  • UN Sanctioned countries

US Sanctions

  • Office of Foreign Assets Control
  • Scope and applicability of US Sanctions
  • SDNs
  • Sectoral sanctions
  • Countries under US sanctions and in what way
  • Other: Magnitsky, Blood diamonds, non-proliferation, transnational criminal organisations.
  • OFAC licences

Session 2

EU/UK Sanctions

  • Scope and who needs to comply
  • Types of EU/UK sanctions including re Russia
  • UK specific: asset freezes, restrictions, directions to case business
  • Proscriptions under the Terrorism act 2000
  • Designated persons
  • Chemical weapons
  • Meaning of ownership etc
  • Penalties

The red flag review

  • Exploratory review
  • Screening and media searches
  • Organisational red flags
  • Third party red flags
  • Clients and associated parties
  • ID and V and beneficial ownership
  • Sign off

Ongoing monitoring

  • Periodic reviews
  • Trigger reviews: Types, analysis, who does what
  • Internal reporting: when and to whom.

After attending this course, participants will be able to:

  • Describe the significant global sanctions regimes
  • Be able to identify and assess sanctions risk and risk points
  • Explain and apply processes for onboarding screening and transaction monitoring
  • Identify and act on red flags