Office of Foreign Assets Control (OFAC) for Compliance Professionals

ABA SELF-PACED ONLINE TRAINING

Discusses the economic sanctions programs under the Office of Foreign Assets Control or OFAC, how they affect banks and the steps banks must take to comply. Explains the fundamental requirements of a compliance program and the relationship between OFAC and BSA are also covered.

Objectives:

  • Describe the purpose of the Office of Foreign Assets Control and some of the OFAC laws and penalties
  • Explain who and what is covered by OFAC requirements and other related sanction programs
  • Describe elements of an OFAC bank compliance program
  • Explain how OFAC enforces sanctions compliance
  • Describe additional considerations for banks when developing a sanctions compliance program

Audience:  Compliance and risk management professionals including compliance managers, officers, and other team members whose primary role is within the compliance function at their financial institution; bank examiners, bank regulators, and auditors.

ABA Certifications: 1.0 CRCM, CAFP

Your Instructor: Robert G. Rowe, III
Vice President & Associate Chief Counsel, Regulatory Compliance, American Bankers Association

Rob is Vice President and Associate Chief Counsel, Regulatory Compliance, for the American Bankers Association (ABA). Rob represents ABA members on compliance issues involving the Bank Secrecy Act and Anti-Money Laundering, Community Reinvestment Act, fair lending, and privacy. Rob also serves as ABA’s liaison for military issues. Rob currently represents the ABA on the U.S. Treasury Department’s Bank Secrecy Act Advisory Group (BSAAG).

Related Training: ABA Certificate in Deposit Compliance

The New York Bankers Association is a Local ABA Training Provider.

Questions:
NYBA Professional Development at (212) 297-1679 or education@nyba.com.
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Member $275
Non-Member $375


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