Office Foreign Asset Control Compliance

In this one day course students will learn the basics of Office of Foreign Asset Control, (OFAC) Compliance. The course will detail the basic tenants of OFAC Compliance, including: the institutions' responsibilities and employees roles; the essential elements of an adequate program; the consequences of non-compliance.

No sessions currently available. Contact client services to get the next available date.
CPE CREDITS
7.0
Anyone whose function is OFAC compliance and all front office financial institution staff.
No advance preparation required.
Students will be able to:
  • Demonstrate a practical understanding of the core concepts of OFAC
  • Understand the institutions responsibilities and employees' role in compliance
  • Know the purpose behind the regulation and rules
  • Articulate the essential elements of an adequate program
None
  • Anti-Money Laundering - Introduction to Bank Secrecy Act
    • What is OFAC?
    OFAC's Purpose
    • Background/purpose of OFAC
    • Who is required to follow OFAC rules
    • Strict liability/non-compliance
    • Blocked and prohibited transactions
    • OFAC licenses

    An Adequate OFAC Program

    • Critical elements
    • Risk Assessment
    • Internal controls
    • Monitoring/training
    • Reporting
    • Testing

    Clients who register for this course will receive a complimentary 4-month subscription to FT.com. The Financial Times is the world's most respected financial newspaper, providing a broad assessment on finance, business and the industrial sector. The move to the electronic version follows an ongoing review of our environmental responsibilities as a global business and as part of the Pearson group. FT.com also has features that are not available in hard copy, such as: Special Reports, Alphaville, editor blogs, education sections and much more! Subscriptions will start within 6-8 weeks of the start of class and are limited to one subscription per client. (Please note: as of May 1, 2011, the electronic subscription replaces the hard-copy 3-month Financial Times subscription.)

    Lunch is included for all students taking day classes.