SANCTIONS REGIMES: IMPLICATIONS FOR FINANCIAL SERVICES FIRMS AND ORGANISATIONS

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Who should attend this course? 

This course is an intermediate level course for which the target audience is the relevant staff of financial and non-financial institutions involved in international trade and financial transactions, compliance managers, risk management professionals, auditors, regulators, consultants and senior practitioners.

Introduction  

In recent years, the use of economic and trade sanctions, both by national governments and international bodies, has risen rapidly in order to deliver public policy objectives. Government agencies and international bodies setting sanctions publish their own lists, which are regularly updated, providing details of countries/jurisdictions, individuals, entities and specific trading activities that are subject to sanctions. These lists include, for instance, the US Office of Foreign Assets (OFAC) Sanctions, the UK sanctions regime, the EU Sanctions and the UN Sanctions list.

Financial services firms must have up-to-date knowledge of these lists and/or any recent developments in order to avoid any transactions involving sanctioned parties. They are furthermore obliged to report any suspicious transactions to the appropriate authorities, so as to prevent money laundering or terrorist financing. Non-compliance with the applicable sanctions regime will result in severe regulatory penalties for both firms and individuals, as well as the risk of significant reputational harm for violations.

It has thus become imperative for financial services firms and their officials to understand the sanctions regime and any recent changes/developments, and to accordingly develop and improve their systems and controls to effectively implement sanctions obligations within their firm.

Course Objectives

At the end of this course, participants will be able to:

  • Understand the economic and trade sanctions administered by the US Office of Foreign Assets Control and the UK’s sanctions regime;
  • Understand the aim behind the sanctions, and who and what is subject to sanctions;
  • Identify and comply with the relevant sanctions obligations applicable to organisations;
  • Learn from case studies, detailing some examples of good practices and bad practices observed at firms in relation to their sanctions obligations;
  • Implement appropriate systems and controls to comply with the sanctions requirements applicable to your organisation; and
  • Propose any improvements in the current systems and controls to more efficiently comply with sanctions obligations.

What will be covered in the course?

  • An overview of sanctions regimes – the OFAC sanctions, UK sanctions regime, EU sanctions regime and the UN sanctions;
  • Discussion on countries/jurisdictions, individuals, entities and specific trading activities subject to sanctions under the regimes;
  • The sanctions regime applicable to your firm, common misconceptions held by firms, and challenges that all firms face relating to sanctions compliance;
  • Essential elements of a sanctions compliance programme – governance, risk assessment and screening;
  • Case studies/practical examples of good and bad practices observed at firms relating to sanctions; and
  •  Important information sources regarding sanctions.
 Duration : ONE Day Course (9:00am-5:00pm)

Speaker       Dr. Ramandeep                           Chhiina

Cost              GBP 1475 +VAT                           Per 20 Delegates 

Level            Intermediate

Venue          Onsite Training

Date             As Agreed

Duration       ONE Day Course 

Timings        9:00am-5:00pm

Course Code FLE 008    

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