Widening OFAC Investigations of European Entities Continue to Make Headlines.
Is Your Company or Client Next?
Now more than ever, economic sanctions pose unprecedented compliance risks for financial institutions, insurers and exporters in Europe.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has stepped up its international enforcement efforts and is committed to ensuring all global companies carefully comply with US sanctions regulations no matter where located. The £231 million Lloyds TSB penalty, the largest fine ever imposed for violations of US sanctions regulations, ANZ Bank’s recent $5.75 million settlement as well as other investigations into the shipping industry, continue to serve as a harsh reminder of the magnitude of consequences for entities that violate US sanctions laws.
While ongoing OFAC investigations continue to grab headlines, European and foreign entities must also be ever mindful of UK and EU sanctions developments. The Financial Services Authority recently released a report on economic sanctions compliance to encourage all firms, large and small, to enhance compliance processes. Moreover, cooperation between US and European sanctions authorities is increasing and EU Member States are taking steps to tighten and enforce sanctions regulations.
Under this increased climate of risk, global companies and financial institutions operating in Europe must institute preventative measures and enhance existing compliance programmes. Failure to detect and prevent sanctions breaches is otherwise likely to result in staggering penalties and reputational damage.
Following the success of their Economic Sanctions conferences in London, Frankfurt and Washington, DC, American Conference Institute and C5 Group are pleased to introduce the 3rd European Forum on Economic Sanctions. Senior government officials, industry leaders and attorneys will once again provide insights on critical sanctions issues, including:
- OFAC’s compliance expectations for US and non-US entities
- Working effectively with HM Treasury on obtaining licenses
- Designing effective systems and controls to prevent sanctions breaches
- Promoting economic sanctions awareness
- Preparing for greater enforcement of EU blocking measures
Seats at this unique event are sure to go quickly. Register now by calling 1-888-224-2480 in the US, or 44 20 7878 6888 in Europe, or registering online at www.C5-Online.com/Sanctions or
www.AmericanConference.com/Sanctions.
Conference Details
