In these round table sessions, small groups will discuss several practical scenarios which illustrate unique OFAC compliance challenges when investigation transactions, obtaining licenses or conducting business in on near sanctioned countries, including Latin America and Middle East.
- Scenario 1 – Selling Software in Cuba Covers selling software in Cuba and working with the Cuban Ministry of Culture on a program designed to get Cuban senior citizens comfortable using a software, and involvement of Mexico subsidiary
- Scenario 2 – Russian Hot Potato: Covers a dilemma surrounding loan a group owned by a Russian client placed on OFAC list and embroiled in an alleged ‘pay off’ scandal surrounding a senior US politician.
- Scenario 3: Venezuela sanctions situation
- Scenario 4: SDN Risk – Scenario is about financial transactions with counterparties or clients in Colombia, Mexico and other Latin American countries with a potential SDN risk. Covers screening and due diligence to detect counternarcotic/ kingpin/terrorist designated persons and companies that front for them.
- Scenario 5: Dealing with Bank Examiner – Covers a financial institution preparing and undergoing for the OFAC portion of the BSA/AML Examination from your regulator. Issues that may come up? How to deal with the examiner?
Co-Moderators: Andrew Jensen, John Karansky, Jason Rhoades, Babar Shameen, Saskia Rietbroek