Overview

The what, the why, the how, the do’s and the don’ts.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.

The what, the why, the how, the do’s and the don’ts.

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.

  • Why do financial institutions have to devote resources to ensure compliance with trade and economic sanctions regulations and laws?
    • Looking at the United Nations, United States of America and the European Union:
      • The use of economic sanctions
      • Authorisation of sanctions
      • Enforcement of sanctions
      • Who is responsible for enforcement
      • Who is subject to enforcement actions
  • How financial institutions breach relevant trade and economic sanctions regulations:
    • United Nations, United States of America and the European Union
  • The consequences of breaches of relevant trade and economic sanctions regimes:
    • United Nations, United States of America and the European Union
  • Review of specific sanctioned regimes:
    • Sudan
    • Cuba
    • Syria
    • Iran
    • Russia
  • What can be learned from reported enforcement actions:
    • ABN Amro
    • Barclays
    • ANZ
    • Lloyds
    • JP Morgan Chase
    • HSBC
    • Standard Chartered
    • BNP
  • How financial institutions can reduce the risk of non-compliance with relevant sanctions: 
    • Policies and procedures
    • Customer due diligence and KYC
    • Transaction monitoring
    • Correspondent bank enquiries
  • What to do when you may be the subject of an investigation
  • The practicalities of dealing with an investigation
After attending this course, you will be able to:
  • Identify weaknesses in policies and procedures and errors and omissions in processes resulted in major financial penalties for financial institutions.
  • Provide insight into some of the less obvious costs and implications of policy and control weaknesses.
  • Outline the key features of the UN, US and EU sanctions regimes and their application to specific “sanctions targets”.
  • Update and refine your sanctions compliance processes, and provide ideas on monitoring processes and controls.
  • Understand the steps to take if you become the target of enquiries from correspondent banks and foreign enforcement bodies.
  • Outline the risks and costs of non-compliance to the senior management and board