Meeting the high stakes challenge of effective sanctions data monitoring

DataManagementReview.com

November 15, 2016

Welcome to A-Team Group’s webinar:

Meeting the high stakes challenge of effective sanctions

data monitoring

November 15, 2016

Moderator:

Sarah Underwood, Editor, A-Team Group

November 15, 2016

Panel Member: David Savage, Senior Associate, Fraud and Investigations Group, Eversheds LLP

Areas of Expertise:

• Advising global financial institutions on sanctions policy and procedure

• Acting for shipping agencies, charterers and global logistics companies in respect of their obligations pursuant to various sanctions regimes

• Advising numerous entities on the commercial and legal impact of the relaxation of Iranian sanctions

• Co-author of the Eversheds Global Sanctions Guide that covers more than 75 jurisdictions

November 15, 2016

Panel Member: Sean Friedly, Senior Manager, Head of Financial Crimes Management Governance, Raymond James Financial

Areas of Expertise:

• As a consultant for EY, performed independent assessments of sanctions programmes at the direction of various federal regulators

• As Raymond James’ Sanctions Officer, designed and implemented an enterprise-wide economic sanctions programme including sanctioned securities controls

• Responsibility for enterprise-wide governance of all financial crimes management areas

November 15, 2016

Panel Member: Alexander Dorfmann, Senior Product Manager, SIX Financial Information

Areas of Expertise:

• Responsible for implementing an EGRC framework• Consulting banks on implementing processes,

organisation and solutions to be compliant with regulatory standards on governance and compliance, especially focusing on financial crime and sanctions monitoring

• Accompanying students and leading research studies both on technology and data analytics solutions specialising on financial crime, fraud and sanctions monitoring

November 15, 2016

A review of economic sanctions and what they typically coverSanctions specific to financial institutions and penalties for

breachesChallenges of identifying securities related to sanctioned entitiesSolutions to identifying securities related to sanctioned entitiesMaintaining an accurate and timely list of ‘do not trade’

securitiesBest practice processes to ensure exceptions managementBenefits of successfully complying with global sanctions regimesA forecast of how sanctions could develop over the next few

Talking Points

November 15, 2016

Why are economic sanctions imposed on countries, companies and individuals, andwhat can they cover?

The Office of Financial Sanctions Implementation (OFSI) helpsensure financial sanctions are understood, implemented andenforced in the UK Kingdom

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What sort of sanctions must be understood and acted upon by financial institutions?

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What are the potential penalties for financial institutions that breach sanctions?US Government Accountability Office, April 2016: Since 2009, financial institutions have been assessed at about $12 billion for fines, penalties, and forfeitures for violations of financial crimes and sanctions requirements

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How do firms typically manage official sanctions lists?

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What are the challenges of identifying securities related to sanctioned domiciles, companies or individuals?

November 15, 2016

Challenges in identifying sanctioned securities

• Identifying the global authorities issuing sanctions directives

• Dedicating resources to consolidate and clean the official lists

• Discovering all securities related to sanctioned issuers and beneficial owners

• Pinpointing the regimes under which each security is sanctioned

• Identifying daily changes

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How do firms typically respond to these challenges?

US Department of the Treasury: Office of Foreign Assets Control (OFAC) encourages firms operating in the securities industry to implement measures that mitigate the risk of providing services to parties subject to US sanctions

November 15, 2016

What new approaches are emerging to ease the burden of identifying securities related to sanctioned entities?

November 15, 2016

SIX Sanctioned Securities Monitoring ServiceSanctioned Securities Monitoring Service

Identify sanctioned domiciles, entities & persons

Daily list of issuers and securities linked to the domiciles, companies and individuals sanctioned by the UN, EU, US Treasury Department OPAC, HM Treasury and Hong Kong Sanctions Regime.

>20 million global financial instruments

Domicile, entity & beneficial owner data

UN, EU, US, UK and Hong Kong sanctions regimes

Automated matching, validation & cleansing

November 15, 2016

How do these approaches reduce data errors and ensure an accurate and up-to-date list of ‘do not trade’ securities?

November 15, 2016

How are any exceptions managed?

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What benefits can be gained by identifying sanctions related securities and complying with global sanctions regimes?

November 15, 2016

How could sanctions and their effect on securities and solutions develop over the next few years?

November 15, 2016

Thank you to our sponsor

Contact:

Website: www.six-financial-information.com

Email: marketing@six-financial-information.com

November 15, 2016

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