OFAC Rejecting Requirement Beyond Funds Transfers
Date: Friday, September 25, 2020
Time: 11:30 AM – 12:00 PM EST
Duration: 30 minutes
Speaker: Todd Maddison
Moderator: Saskia Rietbroek, Executive Director ACSS
In July 2019 OFAC amended the requirements for rejected transactions. OFAC now requires U.S. Persons to report any transaction they reject due to sanctions, not only funds transfers.
Rejecting obligations constitutes a major change for any US businesses outside of the financial sector and may require many more reports to OFAC than were previously required.
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Sanctions Manager, Rabobank
Todd Maddison has been at Rabobank since 2018 and is the New York City-based Sanctions Manager for a St. Louis based team of analysts that conduct the Sanctions and PEP screening for Rabobank’s Wholesale and Agrifinance businesses. Todd and his team also provide sanctions advice and guidance for all of Rabobank’s US businesses. Todd has worked in banking and brokerage for 26 years and before Rabobank, Todd held AML roles at HSBC, UBS and front office and Compliance roles at Dreyfus mutual funds and JP Morgan Chase. Todd has a BA in History from the State University of NY at Oneonta, FINRA Series 6,7,24,63 and 79 licenses, and holds the CAMS, CFCS and CSS certifications. Todd lives in Long Island with his wife and teenage son.