Ask Me Anything –
Is This Transaction Allowed or Prohibited Under OFAC?
The U.S. Treasury Department defines prohibited transaction as “trade or financial transactions and other dealings in which U.S. persons may not engage unless authorized by OFAC or expressly exempted by statute.” They further state that since the various sanctions programs have different foreign policy and national security goals, the prohibited transactions may vary.
This definition, albeit necessarily broad, illustrates how challenging it can be for a compliance officer to pin down which transactions are allowed.
Join our expert lawyers as they walk you through several scenarios meant to shed light on what is allowed and what is prohibited under OFAC.
Duration: 75 minutes
Speakers: Max Lerner, Global Head of Sanctions Compliance, State Street Bank | Devin Sefton, Senior Associate, Braumiller Law Group
Moderator: Natasha Bright, Reporter, ACSS
Date: Thursday, Oct 15, 2020
Time: 12:00 PM – 01:15 PM EST
05:00 PM – 06:15 PM London
06:00 PM – 07:15 PM Amsterdam
Our experts will test your knowledge on:
- The 50% rule
- General licenses and reporting requirements
- China and Russia-related sanctions
Plus, bring any burning questions you may have about OFAC regulations so you can test our experts’ knowledge, too!
Members of the Association
This webinar is included in your membership and you will be sent login details by email a day before the webinar.
If you would like to register for the webinar in advance, so that it is entered into your calendar.
Sign up today!
Tell your friends, clients, customers and colleagues about it.
ACSS webinars conduct audience polls that will give you vital benchmarking data so you can measure your sanctions compliance against others.
Registered attendees can request a Certiﬁcate of Attendance to demonstrate training to auditors and regulators. For any assistance please
Global Head of Sanctions Compliance
State Street Bank
Prior to his tenure at State Street, Max served as Legal Regulatory Counsel at Standard Chartered Bank, a major global bank focused on retail, trade finance, commercial, and correspondent banking, based at its New York office. Max’s practice focused on three areas: AML & sanctions advisory, dispute resolution management, and regulatory engagement, investigations, and remediation. Max was a foundational in-house counsel advisor in the redesign and remediation of Standard Chartered’s financial crime compliance program following its multiple 2012 regulatory actions.
Max currently serves as Chair of the Association of Global Custodians’ AML & Sanctions Committee.
Braumiller Law Group
Devin returned to Braumiller Law Group in March 2020 after having practiced law in Washington, D.C. for several years. He has extensive experience in advising companies, both large and small, on international trade compliance. Devin’s export-related practice includes advising clients on export controls and sanctions issues, including compliance with the Export Administration Regulations, the International Traffic in Arms Regulations, and the regulations of the Office of Foreign Assets Control. He assists companies with export classification, transactional due diligence, license applications, requests for guidance, and voluntary self-disclosures, among other issues. Devin also regularly advises clients on a broad range of sanctions programs and assists in establishing global trade compliance processes and procedures. His experience in advising on cross-border transactions also includes assisting clients with matters before the Committee on Foreign Investment in the U.S. and advising on the Foreign Corrupt Practices Act.
Devin earned his law degree from the University of Texas School of Law. During law school, Devin interned with the Inter-American Court of Human Rights in San Jose, Costa Rica and studied for a semester at the University of Buenos Aires School of Law. As an undergraduate at the University of Texas at Austin, Devin majored in history and Latin American Studies and was a co-founder and editor of the Student Journal of Latin American Studies. Devin is licensed to practice law in the District of Columbia. Devin is a member of the Customs and International Trade Bar Association and the Customs Lawyers Association.