Huge, multi-million dollar settlements, including Standard Chartered Bank, ING, JPMorgan, Flowserve, Credit Suisse, Lloyds and Barclays Bank are stark reminders of the heavy price of violating US sanctions. Authorities are continuing to aggressively prosecute violations by United States and foreign entities. Such enforcement activity will undoubtedly continue and underscores the importance of strengthening internal risk-based sanctions compliance programs. This forum will feature senior government representatives from OFAC, Department of Justice, Federal Reserve, US Department of Commerce, FDIC and Department of State, who will discuss:
- Increased scrutiny on transactions with Iran amid new, complex restrictions
- Working with internal audit committee and board of directors to address enforcement and penalty risks
- Lessons learned from recent cases including Visa, American Express, Standard Charter Bank and ING
- How a multinational company can stay abreast of various sanctions restrictions, and how to coordinate the rules from multiple government agencies efficiently
- How to re-calibrate risk tolerance, and upgrade sanctions compliance programs
- Best practices for working with OFAC to receive license approvals on a timely basis
- What is permitted in Burma/Myanmar?
- OFAC, DOJ and SEC investigations of sanctions
WilmerHale Senior Counsel Ronald Meltzer is a featured speaker at this event and will be presenting on the topic "When and How to Submit Voluntary Disclosures: Review of Recent Settlements Arising After a Voluntary Disclosure Was Made."