Elements for successful U.S. sanctions compliance

OFAC said violations can be minimized if compliance programs include management commitment, risk assessment, internal controls, testing and auditing, and training.

Elements for successful U.S. sanctions compliance

OFAC said violations can be minimized if compliance programs include management commitment, risk assessment, internal controls, testing and auditing, and training.

Elements for successful U.S. sanctions compliance

OFAC said violations can be minimized if compliance programs include management commitment, risk assessment, internal controls, testing and auditing, and training.

 

   The Treasury Department’s Office of Foreign Assets Control (OFAC), which administers and enforces U.S. economic and trade sanctions programs against targeted foreign governments, individuals, groups and entities for national security and foreign policy purposes, outlined five key elements that make up a successful corporate-level sanctions compliance program.
    They include management commitment, risk assessment, internal controls, testing and auditing, and training, the agency said in a 12-page notice published Thursday.
      “OFAC strongly encourages organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States, U.S. persons or using U.S.-origin goods or services, to employ a risk-based approach to sanctions compliance by developing, implementing and routinely updating a sanctions compliance program (SCP),” the agency said.
    Corporate commitment to these five elements of a U.S. sanctions compliance program often determines whether penalty amounts will be mitigated by the agency during investigations of alleged wrongdoing.

As a leading U.S. crude oil export port and a major economic engine of Texas and the nation, the Port of Corpus Christi is now the 4th largest port in the United States in total tonnage.

The FBX, a global container freight index measuring spot rates on major global trades, had an overall reading of $1,342 per FEU as of June 14, down 1.5% from a week prior, but up 3.4% from a year prior.

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CBP to use analytics to strengthen trade enforcement

CBP to use analytics to strengthen trade enforcement

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Elements for successful U.S. sanctions compliance

OFAC said violations can be minimized if compliance programs include management commitment, risk assessment, internal controls, testing and auditing, and training.

May 02, 2019 on Dec 27, 2018AmericanShipper.com

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Elements for successful U.S. sanctions compliance

OFAC said violations can be minimized if compliance programs include management commitment, risk assessment, internal controls, testing and auditing, and training.

May 02, 2019 on Dec 27, 2018AmericanShipper.com