ECONOMIC SANCTIONS AND TRADE CONTROLS COURSE

Economic sanctions and trade controls have become more complex than ever before.  The laws governing whom you can do business with and what kinds of goods, services, software and technology you can provide are causing confusion as well as significant enforcement and reputational exposure across all sectors of the economy. Heightened international tensions, including in the Middle East and Russia, expanding and extraterritorial trade embargo programs, and increased enforcement has made compliance with these measures a critical issue for Canadian companies doing business abroad.

This full-day intensive program will provide a very practical focus on key areas of high risk and best practices for mitigating your financial and reputational exposure to enforcement action.  This includes a review of the economic sanctions, export controls, and defence trade control regimes and how they interact, and sometimes conflict, with their EU & US counterparts. The course will address how best to design and implement internal controls for preventing and detecting compliance issues and what to do once you’ve discovered a potential violation. The latest developments with respect to Russia, Iran, Cuba and other sanctions hotspots will also be covered.

The what, the why, the how, the do's and the don'ts. 

This highly practical course will assist compliance officers and others responsible for managing the risks of sanctions breaches to construct a robust control environment.

Course Details

  • Why do financial institutions have to devote resources to ensure compliance with trade and economic sanctions regulations and laws?
    • Looking at the United Nations, United States of America and the European Union:
      • The use of economic sanctions
      • Authorisation of sanctions
      • Enforcement of sanctions
      • Who is responsible for enforcement
      • Who is subject to enforcement actions
  • How financial institutions breach relevant trade and economic sanctions regulations:
    • United Nations, United States of America and the European Union
  • The consequences of breaches of relevant trade and economic sanctions regimes:
    • United Nations, United States of America and the European Union
  • Review of specific sanctioned regimes:
    • Sudan
    • Cuba
    • Syria
    • Iran
    • Russia
  • What can be learned from reported enforcement actions:
    • ABN Amro
    • Barclays
    • ANZ
    • Lloyds
    • JP Morgan Chase
    • HSBC
    • Standard Chartered
    • BNP
  • How financial institutions can reduce the risk of non-compliance with relevant sanctions: 
    • Policies and procedures
    • Customer due diligence and KYC
    • Transaction monitoring
    • Correspondent bank enquiries
  • What to do when you may be the subject of an investigation
  • The practicalities of dealing with an investigation

 

Learning Outcomes  

After attending this course, you will be able to:

  • Identify from published information how weaknesses in policies and procedures and errors and omissions in processes resulted in major financial penalties for financial institutions.  
  • Provide insight into some of the less obvious costs and implications of policy and control weaknesses.
  • Outline the key features of the UN, US and EU sanctions regimes and their application to specific “sanctions targets”.
  • Update and refine your sanctions compliance processes, and provide ideas on monitoring processes and controls. 
  • Understand the steps to take if you become the target of enquiries from correspondent banks and foreign enforcement bodies.
  • Outline the risks and costs of non-compliance to the senior management and board 

 

Delivery Methods

Bring In-House

If you have a number of people who require training, you might find it more economical to have the training at your offices. Our trainers are armed with all the equipment and materials necessary.

All you need to do is supply the room. In addition in-house courses can be tailored to meet the precise needs of your business. Tis could mean tailoring a course for a business unit; combining elements of different elements of different courses to match your exact specifications; or producing a course from scratch.

Enquiries

Please contact us at info@calert.org and we'll get in touch to discuss your requirements in detail. 

Download File