Audio Version: OFAC Compliance – Avoiding Penalties in the New Enforcement Environment

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The purchase of the audio event on "OFAC Compliance – Avoiding Penalties in the New Enforcement Environment" includes an instant mp3 download incl. handout material of the April 20th, 2010 live event.  Total duration of the program is 90 minutes long.

Program Description: 

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) is stepping up enforcement of U.S. economic sanctions. Last November, OFAC released its Economic Sanctions Enforcement Guidelines (Guidelines) as a final rule, effective November 9, 2009 (Final Rule), replacing the interim final rule published on September 2, 2008.

The Final Rule explicitly confirms that OFAC:

• Expects U.S. entities to maintain risk-based compliance programs, which OFAC will consider when assessing the appropriate enforcement response to an apparent violation.
• Indicates that the consolidated risk matrix is to be used by all financial institutions—not just banks—in assessing OFAC compliance risks. This matrix should also be used, where appropriate, by other entities as a guide in performing an OFAC risk assessment. 

With the dramatic increase in penalties amounts under the new OFAC enforcement guidelines, banking, insurance, securities and other financial services firms must ensure preventative measures are in place or risk severe penalties.

To learn how you can prepare your organization for these new regulations, join us for a rebroadcast of the April  20, 2010 live teleseminar.  Mr. Aki Bayz, Of Counsel with Morrison and Foerster, will provide an analysis of the OFAC challenges for financial institutions and its ramifications of being out of compliance, and will discuss some strategies to help your organization become OFAC compliant. Included in this program will be a helpful question-and-answer session moderated by CDIA President Stuart Pratt.

Discussion Topics:

Among other issues, Mr. Aki Bayz, will address:

• Understand regulatory risk and the risk of an OFAC violation and/or penalty
• What is the scope of the OFAC sanctions and what conduct is
• prohibited?
• How have the enforcement guidelines changed the enforcement
• environment? What can be learned from recent enforcement actions?
• What are the best practices for businesses to ensure compliance
• with foreign asset control requirements?
• What are the key elements for an effective compliance program?
• Risk-based decisions and documentation for OFAC compliance

Mr. Aki Bayz, Of Counsel with Morrison and Foerster, advises clients on commercial credit and receivables transactions. Representative transactions include advising U.S. retailers and banks on their credit card and related financial transaction programs.

In addition, his practice encompasses specialized regulatory areas, including: trade sanctions and export controls (where he has created export compliance programs for numerous clients in a variety of industries, obtained export licenses and represented clients in enforcement actions); CFIUS/national security reviews (including representing clients in two of only four transactions in the past 15 years that were presented to the president for review); U.S. and international antitrust notifications (where he has handled hundreds of HSR filings and worked with counsel around the world to analyze and if necessary, make the required notifications); Foreign Corrupt Practices Act compliance; and anti-boycott compliance.

Moderator: Stuart Pratt, CDIA President and CEO

Cost**: $85 How-To-Comply Subscribers CDIA Members  

             $125 CDIA Members 

             $155 How-To Comply Subscribers Non-Members  

             $195 Non-Members & Data Furnishers/Users

Don't miss out on this exceptional opportunity to learn from leading industry expert how you can prepare your organization for this new legislation. Register Today!!!

**The price includes:

• Recorded teleseminar with extensive & informative Q&A session
• Unlimited enrollment per call-insite
• A MP3 audio re-play file accessible instantly after registration

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If you have any further questions about this live teleseminar or would wish to register via phone, please contact Anita Popwell at (202) 408 7408 or at apopwell@cdiaonline.org.

Legal Disclaimer: CDIA’s teleseminar are educational in nature and do not represent legal advice. If you need legal advice, consult an attorney in your

About Morrison & Foerster

Morrison & Foerster's export controls and embargoes practice focuses on compliance and licensing for items and transactions within the jurisdiction of the Commerce Department Bureau of Industry and Security ("BIS"), the Treasury Department Office of Foreign Assets Controls ("OFAC"), and the State Department Directorate of Defense Trade Controls ("DDTC").  Our attorneys counsel a broad range of companies, from multinational corporations engaged in international transactions worldwide to start-up entities exporting for the first time.  Our clients represent a wide variety of industries and sectors, including information technology, telecommunications, financial services, basic commodities, consumer goods, defense electronics, aerospace, biotechnology, medical devices, and semiconductors.