New OFAC Guidelines: A Step Toward Regulatory Understanding (Audio/Visual CD-ROM)
Financial institutions are taking note of the U.S. Treasury Office of Foreign Assets Control’s (OFAC) recently issued guidelines. The new procedures outline how OFAC will now determine whether banking institutions that fail to comply with its regulations will incur enforcement actions. By using a risk-based approach, the agency will assess whether a bank’s compliance program is sound. In the current, ever-tightening regulatory environment, will your compliance program hold up? Our experts will dissect the elements of this influential legislation to help your financial institution survive regulatory scrutiny.
The Experts:
Hank Grant, CAMS
Hank is the Senior Vice President Compliance Risk Management OFAC-AML for Bank of America in which he spearheads various Money Laundering enhancement initiatives for the company. Hank has over 37 years of banking experience. He is responsible for developing Bank of America’s AML Risk tool which has a patent pending and for seven years he managed all of Bank of America’s International Money Laundering programs. Hank has also served as a country and division operations officer for several Bank of America offices in Asia, developing operational and risk control standards.
Joseph Hill
Joe Hill serves as Assistant Vice President and Director of Regulatory Development and Response for the Transfer Agency Division of PFPC Inc., a member of the PNC Financial Services Group. His responsibilities include identifying and advising on developments that affect the AML and securities law services PFPC provides to its mutual fund clients. Joe previously served PNC as a compliance consultant in its high-risk corporate compliance group. He has designed and managed AML compliance programs addressing politically exposed persons, foreign correspondent accounts, primary money laundering concerns, U.S. export control laws and OFAC regulations. Before joining the PNC group, Joe spent five years in Washington, D.C. working for OFAC where he handled compliance, licensing and penalty matters, authored several interpretive rulings, and spoke on OFAC’s behalf at Department of Commerce Exporter Training Seminars.
Recorded: June 14, 2006
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CD-ROMs are non-refundable after purchase. Replacement only if CD-ROM is returned.
