OFAC and Other Denied Parties: What Your Company Needs to Know and Do

This training program will focus on what your company needs to know and do about laws and regulations within and outside the US regarding individuals and entities that you are prohibited from doing business with. These individuals and entities are sometimes referred to as denied, debarred, excluded or restricted parties. Contrary to the idea that these laws and regulations apply only to financial institutions, they, in fact, apply to all types of organizations. This session will identify the parts of your organization that need to be aware of the issues, the necessary controls and the steps you should take to avoid compliance issues, penalties and lawsuits.

Why Should You Attend:

Many are under the impression that the Office of Financial Assets Control (OFAC) was put in place after the 2001 terrorist attacks on the US. However, OFAC, its predecessor organizations and requirements have been in place for nearly 100 years. There are others laws and regulations that restrict who your organization is allowed to do business with and the types of transactions that are not allowed nor need approval. Many parts of your company are subject to compliance including treasury, accounts payable, purchasing, sales, investments and payroll.

This webinar will provide a background on OFAC and related laws and regulations. It will provide step by step processes and procedures to ensure that your company is in compliance including weak, good, better and best practices for various departments. It will identify some of the difficult issues that you need to address. Resources that can and should be used will be identified and described. Two case studies that describe actual experiences of a major research university and a high tech company will be presented.

Areas Covered in the Webinar:

What is OFAC?

• Related laws and regulations
• OFAC compliance
• Who must comply
• Penalties for non-compliance
• Who is on the list, when and how do you check it
• Common problems
• What to do if you find a match
• Industry specific recommendations
• Lists that you should be aware of
• Systems you can use to do checking
• Case studies

Who Will Benefit:

• CFOs, controllers, treasurers
• Payroll, accounts payable, purchasing and shared services managers and their staff
• Sales and marketing professionals
• Investment managers
• Information technology professionals who support the above
• Risk officers
• Internal auditors