In recent months, the U.S. Treasury Department’s sanctions enforcement unit, the Office of Foreign Assets Control (OFAC), has made it clear that sanctions compliance will continue to be a global issue. Particular transactions will be scrutinized, making it important for financial institutions that do business internationally to manage their risks appropriately.
Recently, FCPA Blog-sponsor AlixPartners hosted a webcast on OFAC Compliance entitled: OFAC Enforcement and Compliance: The New FCPA?
During the webcast, we discussed that for many financial institutions OFAC compliance represents a significant risk given the potential regulatory sanctions that have carried billions of dollars in fines. Other key points discussed included: conducting a robust OFAC risk assessment, those challenges posed by sectoral sanctions against Russia, third-party management, and complying with both OFAC and EU sanctions from the perspective of internally operating businesses.
To listen to the free webcast, click: here
Sven Stumbauer is the Director of Financial Crimes Compliance of AlixPartners