Managing Sanctions Risk has never been so complex. There are multiple sanctions bodies, each publish their own sanction list, which often do not align. The various sanction lists keeps growing and evolving daily. This makes it more difficult than ever for businesses to effectively identify and manage sanctions risk.
Course Description & Duration
This training has been designed to enhance the scope of awareness and knowledge on sanctions for staff in the financial sector. It will improve delegates' capabilities in managing the sanctions risk associated with their businesses. In this workshop, delegates will gain an understanding of the latest themes in US and EU sanctions developments, laws, policy and enforcement actions, the nature and requirements of the various sanctions regimes and how it may impact their business. Delegates will also learn how to implement appropriate sanction lists screening procedures taking into consideration the nature of their customer base and business profile to ensure they are sanctions compliant. This workshop covers UN, OFAC, EU and HMT sanctions. Discussion points are captured in a hand-out.
This course is offered as a full day workshop.
The various United Nations, regional and national sanctions regimes (Financial & Trade- Based Sanctions).
Nature and requirements of the various sanctions regimes. (Extraterritorial reach of US sanctions).
Recent Updates & Changes to Sanctions Regimes. Sanctions Risk Management Challenges. The implications of Sanctions violations for the business and individuals (staff).
Conducting effective Sanctions risk assessment taking into consideration jurisdictions, geography, products/services, customers and third parties (other individuals in clients’ supply chain).
Sanctions screening for onboarding, review and transactions/payments.
Overview of selected country specific programmes for Iran, Syria, North Korea & Russia.
Case study– true-life material on sanctions violation to raise an awareness of the processes involved in ‘sanctions busting’ i.e. sanctioned entities trying to circumvent the sanctions restriction.
By the end of the training, delegates will be able to:
Appreciate and develop a broader understanding of the nature of sanctions risk exposures.
Appreciate and understand how sanctions risk infiltrate business activities in financial institutions and business relationships.
Describe the processes to put in place for sanctions screening for onboarding, review and payments to demonstrate sanctions compliance.
Describe process for best practices in deterring and detecting sanctions risk exposures.
Discuss the processes to follow when a sanctioned individual/entity is identified.