Passport to U.S. Economic Sanctions Proficiency (2023) - DS

Join CALENDAR-ALT March 7–30, 2023 (EST) Virtual Series

Your 1 Month Passport to U.S. Economic Sanctions Proficiency:

CALENDAR-ALT Convenient and easy-to-follow: 4 weeks, 2 sessions/week

globe-africa Flexible schedule for attendance in multiple time zones

Clock 7 in-depth modules, 21 hours of professional development

video 8 session recordings for future reference

pencil Actionable takeaways for your work

Users Build your network and meet your sanctions peers

File-Alt Substantive, speaker-prepared resource materials edit Hands-on practical sessions using hypothetical scenarios

Certificate of completion & CLE credits

Comments Dedicated Q&A sessions with expert faculty

Hear Real-World Guidance with In-House Senior Compliance Professionals Including:

y Accenture

y Block, Inc.

y HSBC Bank USA

y Moody’s Corporation

y Panasonic

y Raymond James Financial

ECONOMIC SANCTIONS TRAINING

Your Building Blocks for Economic Sanctions Proficiency

WEEK ONE: March 7 & 9

Your U.S. Economic Sanctions Roadmap- Key Concepts, Agencies, Their Jurisdiction and Roles and How to Contact for What

The Essentials of an Effective Sanctions Compliance and Screening Program

WEEK TWO: March 14 & 16

A Deep Dive into the Latest Russia Sanctions and Strategies for Remaining in or Exiting Out of Russia

Comprehensive Overview into Recent OFAC Guidance and Risk Mitigation for Your Chinese Operations.

Professional Development to Help You Succeed on the Job

Your Blueprint to Proficiency: Immersive and Practical

y Interactive format that encourages dialogue with attendees and speakers

y Convenient and easy to follow: Fits around your schedule, 2 times per week in easy-to-follow blocks focused on what you really need for your work

Real Life, Not Textbook

y Expert speakers will take you through concrete experiences and “war stories”

y Actionable takeaways for your work: Sharpen your knowledge and skills for success on the job

WHO SHOULD ATTEND?

Vice Presidents, Managers and Counsel working in:

y OFAC Compliance

y Global Sanctions

y AML

y Financial Crime

WEEK THREE: March 21 & 23

Deciphering Country Specific Sanctions: Cuba, Venezuela, Syria, North Korea, Iran, Afghanistan, Belarus

Compliance Weaknesses and Penalties Under the Microscope: Lessons Learned from Key and Recent Enforcement Action

WEEK FOUR: March 28 & 30

How to Submit an Application to the OFAC Licensing Division: Practical Guidance for Preparing Your Submissions

How to Work Effectively with OFAC and Review of Proficiency Assignment

Connect: Build Your Network and "Brain Trust"

y Build Your “Brain Trust” by connecting with likeminded professionals

y Develop your sounding board and global network of community peers

y Access a highly respected, diverse faculty with verified subject-matter expertise and track records

y Join dedicated Q&A sessions with expert faculty

y Regulatory Compliance

y International Trade

y Compliance

Outside Counsel Specializing in

y Economic Sanctions

y OFAC

y International Trade

y Financial Services

y AML and Financial Crime

EXPERT INSTRUCTORS

Rachel Alpert Partner Jenner & Block LLP

Beth Beam Senior Director Sanctions Compliance Silicon Valley Bank

Ann Broeker

Assistant General Counsel and Global Head of Sanctions Moody’s Corporation

Anna Cavnar Former Attorney for State Department’s Office of the Legal Adviser

Kuang Chiang Senior Counsel Allen & Overy

Stephanie Brown Cripps Counsel Freshfields Bruckhaus Deringer US LLP

Sophie DelhoulleDirector of Legal Services, Trade Compliance, EMEA Accenture

Elizabeth Fitzpatrick Vice President & General Counsel, Global Trade Sanctions Honeywell

Glenda Juliano

Sr. SanctionsManagerCompliance

Raymond James Financial, Inc.

Eric Medoff Global Head of Sanctions Block, Inc.

Jeanette Miller US Head of Sanctions Regulatory Response & Development HSBC Bank USA

Christopher Penaherra Senior Compliance Officer OFAC

Danielle Pressler Counsel King & Spalding LLP

Jessica Rhee Sanctions Compliance Officer OFAC

Will Schisa Counsel Davis Polk & Wardwell LLP

Tina Shaughnessy Vice President, International Trade Controls Panasonic

Robert Slack Partner Fenwick & West

Sahra Su Lead Senior Legal Counsel, Export Control US (Global) SAP

Dj WolffPartner Crowell & Moring LLP

Real-Life Benefits of Attending:

ĉ ADVANCE your career and professional development by becoming proficient in the essentials of U.S. Economic Sanctions.

ĉ ADD VALUE to your organization with a practical roadmap for compliance, screening, licensing and risk management

ĉ CONNECT with a global community of economic sanctions peers

Media Partner:

Module 1: Your U.S. Economic Sanctions Roadmap — Key Concepts, Agencies, Their Jurisdiction and Roles and How to Contact for What

Beth Beam Senior Director Sanctions Compliance Silicon Valley Bank

Robert Slack Partner Fenwick & West

During this practical opening session, the expert instructors will take you through the key agencies involved in U.S. sanctions implementation and enforcement, and discuss the evolving framework of U.S. Secondary Sanctions and Human Rights-related actions including:

• Basics of sanctions law: e.g., TWEA, IEEPA, Executive Orders, and Designations

• Introduction to OFAC, BIS, DOJ, State Department, Congress and how they work together

• U.S. Sanctions Jurisdiction: Extra-Territoriality

• What are Primary, Sectoral, and Secondary Sanctions?

Enforcement and Secondary Sanctions

• Enforcement framework and penalty exposure

• Scope: Menu-based versus Designations

• Application in Practice

• Financial Institution Considerations

Intersection of Economic Sanctions, Export Controls and other National Security Rules

• Russia & Belarus case study: Sanctions, export controls, tariffs and more

• Introduction to OFAC’s 50% Rule

• Key Licenses and Exemptions

• Sources of Guidance: Alerts, FAQs, and Enforcement Actions

• Security Areas

• Human Rights: Import restrictions, export controls and sanctions to target human rights violations and abuses

Module 2: The Essentials of an Effective Sanctions Compliance and Screening Program

Glenda Juliano

Sr. Manager Sanctions Compliance Raymond James Financial, Inc.

• Management Commitment

» Creating culture of compliance

» Ensuring sufficient resources, authority, and autonomy

» Determining what is a potential violation

» How to resolve an apparent violation

• Risk Assessment

» How to perform a holistic risk-based assessment

» Documenting the review

» What are the key risk metrics?

• Internal Controls

» Need for written policies and procedures

» How often to perform the review?

» What type of documentation is required?

» Recordkeeping policy

» Review of common weakness areas

Stephanie Brown Cripps Counsel Freshfields Bruckhaus Deringer US LLP

• Testing and Auditing

» Need for independent testing

» Key audit procedures to follow

» Frequency of testing

» Identification of root causes

» Working with internal audit

» How to fix internal weaknesses

• Training

» Periodic scheduled training

» Different levels for different employee types

» Should the training be live, or computer based?

» Modifying for different geographies or languages

» Who should develop the training?

» Documenting the training process

Elizabeth Fitzpatrick Vice President & General Counsel, Global Trade Sanctions Honeywell

• Core Elements of Sanctions Screening

» Need to review customers and transactions

» What lists to screen against?

» How to screen for different geographies

» Rules and exceptions

» What is (and isn’t) a “hit”

» How to clear a hit

» Common screening mistakes to avoid

» Hypothetical scenarios

Module 3: A Deep Dive into the Latest Russia Sanctions and Strategies for Remaining in or Exiting Out of Russia

Dj Wolff Partner Crowell & Moring LLP

Introduction

Key Themes / Takeaways from an unprecedented year of 2022

Summary of Current Program

Overview of framework for current Russian program

• Which authorities are implementing Russia-related restrictions

• How we got here: key time periods in the Russian sanctions evolution

“Where” Based Restrictions

• Embargoes on Ukrainian occupied territories

• Key differences across US, EU, and UK

» “Transaction” Prohibitions: US & EU

» Limited list-based sanctions: the “sectoral” sanctions program current

Key Compliance Issues & 2023 Predictions

Ownership & Control Assessment

• US 50% Rule

• EU/UK Ownership & “Control” Analysis: How can you prove control?

Export Controls

• Rising expectations on financial institutions (FinCEN Advisory)

• Integration of export and import functions and use of HTS

• “Technical assistance” and related services controls

• Diversion

Sophie Delhoulle Director of Legal Services, Trade Compliance, EMEA Accenture

“Who” Based Restrictions

• Asset freezing restrictions including primary targets (banks, oligarchs, politicians, defense industry)

“What” Based Restrictions

• Trade Controls: Export & Import Restrictions

• Professional Services Bans

• Investment bans

• Capital market / securities restrictions

• Shipping, Aircraft, and Trucking

Enforcement

• Publicly identified actions to date

• Expected regulator pivot to investigation and enforcement as rules stabilize

• Cross-border investigations and cooperation (including US-UK joint announcement)

• UK: SRA Focus on Lawyers as well

Where are we going in 2023

• One-way ratchet on restrictions with a long-time frame

• Designations / export controls / restricted services

• Re-risking timeline

• Strategies for remaining in Russia

• Best practices to exit Russia

Module 4: Comprehensive Overview into Recent OFAC Guidance and Risk Mitigation for Your Chinese Operations

Will Schisa Counsel Davis Polk & Wardwell LLP

Overview of Current U.S. Sanctions and Other Restrictions Relating to China

• SDN Designations

• Human Rights (Global Magnitsky and Hong Kong Autonomy Act)

• Iran, DPRK, Russia-related

• CMIC Sanctions

• Limited scope targeting securities

• Overview of OFAC guidance

• Export Control Restrictions

Chinese Responses

• Blocking Statute and Anti-Foreign Sanctions Law

• Overview and scope

• Current status and enforcement

• Strategies to address conflicting obligations

Thinking About Risk Mitigation Now and in the Future

• Managing U.S. sanctions compliance for firms with Chinese operations/subsidiaries

• Supply chain due diligence

• Contingency planning

• Lessons learned from Russia

Recent OFAC Guidance

• Virtual Currency

• Compliance guidance for instant payments

• Oil price caps

Sahra Su

• Entity List designations (Huawei, etc.)

• Military End-User/End-Use Controls

• Semiconductors and advanced computing

• Import/Supply Chain Restrictions

• Uyghur Forced Labor Prevention Act

• Information/Communications Technology Supply Chain Rule

• Experience with similar risks from EU and other jurisdictions

• Uncertainty over degree of enforcement

Lead Senior Legal Counsel, Export Control US (Global) SAP

Module 5: Deciphering Country Specific Sanctions: Cuba, Venezuela, Syria, North Korea, Iran, Afghanistan, Belarus

Rachel Alpert Partner Jenner & Block LLP

Cuba

• Different statutory authority — TWEA instead of IEEPA

• Crucial difference in scope: Cuba regulations are binding on “persons subject to U.S. jurisdiction” which includes foreign subsidiaries owned or controlled by US persons

• Other OFAC programs bind only “U.S. persons” unless extra steps are taken to make them binding on foreign subsidiaries

• Differences in exemptions (no travel exemption under TWEA) and civil penalties (TWEA’s statutory maximum penalties are lower)

• Broad prohibitions — all property in which Cuba or any Cuban national has an interest is blocked

• General licenses allowing dealings with Cuban nationals permanently residing outside of Cuba

Venezuela

• Among the more complicated OFAC sanctions programs

» Not a full embargo, but the Government of Venezuela (GoV) and state-owned entities including PdVSA are blocked

» Various other sanctions apply to Venezuelan bonds, new debt (similar to sectoral sanctions on Russia), purchases of securities from the GoV, pledges of collateral by the GoV, and transfers of equity interests owned by the GoV

» Blocking sanctions have been imposed on persons operating in certain sectors

» Possible loosening of certain sanctions via limited new general licenses

Anna Cavnar

• Wide range of general licenses, including broad authorizations for CITGO-related transactions

• Dealings in many PdVSA and GoV bonds are authorized by general licenses

• Bondholder issues related to large CITGO stake previously pledged as collateral for certain PdVSA bonds

Iran

• Evolution of the U.S. embargo and impact of JCPOA withdrawal

• Part 560: How the embargo works today

• Other, overlapping sanctions: IRGC, SDGT, NPWMD, etc.

• Frequently used general licenses and their practical limitations

• Broad array of secondary sanctions authorities

» Section 13(r) of the Exchange Act: SEC reporting requirements for public companies

Syria

• Government of Syria and state-owned entities are blocked

• Which investments in and exports to Syria are generally prohibited by OFAC or BIS?

• Prohibited imports of petroleum products from Syria

• Terrorism-related sanctions considerations in Northern Syria

North Korea

• Government of North Korea and state-owned entities are blocked

Ann Broeker Assistant General Counsel and Global Head

• Foreign subsidiaries of US financial institutions are prohibited from transacting with the Government of North Korea or certain North Korean SDNs: How does this play out in practice?

• Investment in, exports to, and imports from North Korea are prohibited

• Significant secondary sanctions authorities to block property of those who are found to have engaged in certain sanctionable activities (including some broadly defined activities)

Afghanistan

• With the Taliban in control of the government, what is required for a sanctions program? (government is blocked because the Taliban are on the SDN list, but the country is not subject to a broad trade and investment embargo)

• Broad General Licenses authorizing humanitarian activity by NGOs and international organizations

• The scope of limits on fund transfers to the Taliban and the Haqqani Network, even in relation to authorized humanitarian activity

Belarus

• Expanded use of SDN designations and export controls following Belarus support for Russia’s invasion of Ukraine

• Increased use of sanctions in response to human rights violations

• Major companies, banks, and state-owned enterprises are designated as SDNs; broad reach with 50% rule

• SDN designation risk for companies determined to operate in specified sectors of the Belarussian economy

Former Attorney for State Department’s Office of the Legal Adviser

of Sanctions, Moody’s Corporation

Module 6: Compliance Weaknesses and Penalties Under the Microscope: Lessons from Key and Recent Enforcement Actions

Eric Medoff Global Head of Sanctions Block, Inc.

Danielle Pressler Counsel King & Spaulding LLP

Tina Shaughnessy

Vice President, International Trade Controls Panasonic

Understanding sanctions enforcement is critical for effective compliance and avoiding common pitfalls. Our experienced instructors explain how U.S. sanctions enforcement works and what you can learn from it, including the reasons companies disclose (or choose not to disclose) to OFAC, the potential consequences of an OFAC enforcement action, and key lessons from recent OFAC enforcements.

How Sanctions Enforcements and Disclosures Arise

» Internal investigations and blocking or rejecting reports

» Notices from other parties

Potential Enforcement Outcomes

» No action letters, cautionary letters, finding of violations, settlements, penalty notices, and criminal referrals

Recent Key Enforcements and Lessons Learned

» Geofencing and IP address blocking

» Counterparty screening, due diligence, and / or compliance procedures

» Leveraging technological tools for sanctions compliance purposes

» Preparing a voluntary self-disclosure

» Remediation and corrective actions

Hypothetical Exercises, Q & A and Review on the Do’s and Don’ts

» Responding to OFAC subpoenas and requests for information

ƒ Considerations for whether to make a voluntary self-disclosure

» Public versus private disposition

» Sanctions enforcement as punishment and policy

» OFAC’s enforcement guidelines and penalty calculations

» Civil versus criminal enforcement / liability

» Supply chain due diligence

» Parent and successor liability

» U.S. sanctions jurisdiction over non-U.S. persons

Toward solidifying your understanding of the enforcement process, the instructors will take you through a series of hypothetical scenarios to help you apply and understand voluntary selfdisclosure best practices. At the end of this module, instructors will provide additional clarification and guidance and take your questions.

WEEK FOUR March 28, 2023 | 1:30-4:30 (EST)

Module 7: How to Submit an Application to the OFAC Licensing Division: Practical Guidance for Preparing Your Submissions

Jeanette Miller

US Head of Sanctions Regulatory Response & Development HSBC Bank USA

Former Deputy Assistant Director for Licensing, OFAC

How to Submit a Specific License Application for Transactional Requests

• The information necessary for OFAC to consider the application “complete”

• Differences and similarities between a specific license application and a request for interpretive guidance on general licenses

How to Submit a License Application for the Release of Blocked Funds

• How does this type of license application differ from a Transactional Request?

• Types of information required for OFAC to process the application

Other Types of OFAC Licensing Communications

• General License Guidance Letters – what do these do?

How to Contact OFAC

• Understanding the timing of getting an OFAC response

Kuang Chiang Senior Counsel Allen & Overy

• The role of an OFAC Statement of Licensing Policy or FAQs in a license application

• The interagency process – the roles of the State Department and/or Commerce Department in certain types of applications

• What is the process for these types of applications?

• Denial Letters – what happens if your license application is denied

• The difference between a formal OFAC determination and the OFAC Compliance hotline

WEEK FOUR March 30, 2023 | 1:30-4:30 (EST)

Module 8: Practical Guidance for Working Effectively with OFAC — and Review of Proficiency Assignment

Robert Slack Partner Fenwick & West

How to Work Effectively with OFAC

• Understanding how OFAC is structured

• The importance of OFAC FAQ’s

Review of Proficiency Assignment

Jessica Rhee Sanctions Compliance Officer OFAC

• Lessons learned from Enforcement actions

• Reporting to OFAC

Christopher Penaherra Senior Compliance Officer OFAC

• Importance of communication

• How to get your questions answered

In advance of this last unit, participants will complete an assignment on various sanctions scenarios. The questions will be based on real-world case studies. During this last session, participants will share their responses to the assignment questions, followed by in-depth feedback from the expert instructors.

Award of “Passport to Proficiency”

Participants who have completed all Units will receive a certificate reflecting their proficiency in the essentials of the U.S. Economic Sanctions.

AML & OFAC COMPLIANCE for the Insurance Industry

Upcoming Events

About us:

January 24 – 25, 2023

April 2023

Washington, DC

WOMEN IN SANCTIONS NETWORK

May 2023 Berlin

For Women In-House Legal and Compliance Professionals Looking to Expand Their Network

The Women in Sanctions Network (WSN) is a global community of like-minded women working in economic sanctions. The WSN is committed to promoting diversity across the profession, creating worthwhile networking and educational programs, and updating members on employment and advancement opportunities womensanctionsnetwork.com

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EARN CLE CREDITS

Accreditation will be sought in those jurisdictions requested by the registrants which have continuing education requirements. This course is identified as nontransitional for the purposes of CLE accreditation.

ACI certifies this activity has been approved for CLE credit by the New York State Continuing Legal Education Board.

ACI certifies this activity has been approved for CLE credit by the State Bar of California.

ACI has a dedicated team which processes requests for state approval. Please note that event accreditation varies by state and ACI will make every effort to process your request.

For more information on ACI’s CLE process for virtual events visit: www.americanconference.com/accreditation-instructions-for-virtual-attendance/