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.

We thought our numbers would go down because of the trade war. It could still happen, but it hasn’t so far.

U.S.-flag Great Lakes freighters moved 10.6 million tons of cargo in May, an 11.9% year-on-year increase and 8.4% above the month's five-year average.

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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