Meeting the high stakes challenge of effective sanctions data monitoring

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DataManagementReview.com

November 15, 2016

Welcome to A-Team Group’s webinar:

Meeting the high stakes challenge of effective sanctions

data monitoring

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November 15, 2016

Moderator:

Sarah Underwood, Editor, A-Team Group

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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

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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

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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

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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

years

Talking Points

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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?

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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

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

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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

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

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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?

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

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Thank you to our sponsor

Contact:

Website: www.six-financial-information.com

Email: [email protected]

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November 15, 2016

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November 15, 2016

Upcoming A-Team Group Webinars

November 22nd

Shareholding disclosure: Are

financial firms on top of this regulatory challenge?

December 1st

How to establish a sustainable

solution for data lineage

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piece of the data governance

puzzle

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November 15, 2016

A-Team Group Handbook Series

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November 15, 2016

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Data & Analytics

Meeting the high stakes challenge of effective sanctions data monitoring