Tagged: Sanctions Compliance Program

Five Common Weaknesses in OFAC Sanctions Compliance Programs

As companies elevate their “game” in sanctions compliance, it is important that compliance officers critically examine the strengths and weaknesses of their compliance programs.  Many companies already have a screening technology but little else beyond a basic screening process. From my vantage point, I have observed some common weaknesses: Segregation of Duties and Control Process:  Many companies maintain a screening program and assign the responsibility...

Episode 94 — How to Conduct a Risk Assessment for Sanctions Compliance

OFAC’s new framework guidance for sanctions compliance programs stretched into new territory with its risk assessment requirement. This new approach reflects OFAC’s recent aggressive enforcement programs. The scope of a risk assessment has to mirror the breadth of enforcement risks and has to include review of: (i) customers, supply chain, intermediaries, and counter-parties; (ii) the products and services it offers, including how and where such items fit into...

OFAC Sanctions Compliance Insights from Standard Chartered Bank Enforcement Action (Part III of III)

The Treasury Department’s Office of Foreign Asset Control (OFAC) has promised to issue guidance on effective sanctions compliance programs.  This is a long-anticipated update to prior information OFAC has released on the same subject. OFAC has raised the stakes for sanctions enforcement, especially with respect to Iran and Venezuela sanctions programs.  So far this year, OFAC has announced a number of significant enforcement actions and...