Dow Jones- It’s a Mad Mad Mad Mad world of Sanction
In May, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) released extensive new guidance on what constitutes an effective sanctions compliance program. Coming amidst a complex sanctions environment and an increasingly aggressive approach to enforcement, the guidance provides insight into OFAC’s views on the best practices that companies should follow to ensure compliance with U.S. sanctions laws and regulations. It also serves as a roadmap for how to prevent sanctions violations from occurring, as well as how OFAC will assess the adequacy of a company’s compliance program in the event of a violation.
A webinar co-organized by RANE and Dow Jones Risk & Compliance examined some best practices that companies can use to benchmark their own sanctions compliance programs and how to leverage this guidance to adeptly navigate the regulatory and commercial risks sanctions pose. Highlights of the conversation follow.
This article is presented to you by Dow Jones.