Replay: Sanctions Compliance and Enforcement Update Webcast featuring John Melican
This panel was streamed live from the Debevoise & Plimpton NYC offices on June 25th, 2019.
What do fake eyelashes and power tools have in common?
On May 2, 2019, the Department of the Treasury's Office of Foreign Assets Control (OFAC) published A Framework for OFAC Compliance Commitments, the agency’s most comprehensive guidance to-date on its expectations for a risk-based sanctions compliance program.
This guidance comes during another active year for OFAC, which settled more than a dozen enforcement actions, and imposed over a billion dollars in fines, in just the first five months of 2019. Although financial institutions have historically been a focus of OFAC’s enforcement activity, recent high-profile settlements have involved cosmetics, chemicals, and manufacturing companies, among others. These actions and the agency’s recent guidance make plain that all companies, not only financial institutions, are well-advised to consider their sanctions exposure and build compliance programs that can withstand OFAC scrutiny.
On June 25, John Melican and David Sewell hosted a practical discussion on OFAC's recent guidance and enforcement activity, including how it should inform approaches to sanctions compliance and risk management, and what it suggests about the enforcement landscape going forward. John and David discussed how to assess the current state of your compliance program against the guidance, tactical steps to leverage existing controls, and innovations that can enhance the strength and resilience of your program.
What are the 5 essential components of the guidance and how do you implement them in practice?
Compliance Week tuned in to hear from Exiger’s Global Head of Financial Crime Compliance John Melican during our webcast - read on for their key takeaways on what you need to know.