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Webinar

OFAC Enforcement Actions – The 6 Most Important Compliance Lessons We’ve Learned in 2021

The Treasury’s Office of Foreign Assets Control (OFAC) has doled out a number of hefty fines for sanctions violations. In 2021 alone, OFAC imposed one for $8.5 million against the Union de Banques Arabes et Françaises (UBAF) in France for violating Syria-Related Sanctions, another for $2.1 million against the German Software company SAP for violating Iran-related sanctions, and one for $1.4 million against a New York-based online money transmitter, Payoneer Inc., for violating multiple sanctions regulations.

In this ACSS webinar, our expert speaker will discuss “The 6 Most Important Compliance Lessons We’ve Learned in 2021,” analyze specific cases that led to these lessons, and explain how companies can keep up to date with OFAC’s enforcement strategies.

Duration: 75 minutes

Speakers:
Clay Stevenson, Managing Director, Head of Sanctions & Embargoes, Americas Deutsche Bank – USA
Lloyd Meadows, Director, Sanctions Advisory, Standard Chartered

Moderator: Alexander Witt, Sanctions & Export Controls Consultant, ACSS

CSS Credits: 1

Date: Thursday, November 18, 2021

Time: 12:00 PM – 01:15 PM New York (EST)

05:00 PM – 06:15 PM London (GMT)

06:00 PM – 07:15 PM Amsterdam (CET)

The webinar will focus on:

  • The companies that have been subject to OFAC penalties for sanctions-related violations;
  • Lessons learned from penalties or settlements of previous sanctions-related violations;
  • Discussions of how specific cases reflect OFAC’s enforcement strategies; and
  • Insights into how OFAC’s enforcement strategies may have changed during the Biden Administration as compared with the Trump and Obama administrations.

Event Registration

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.

Self-Registration

Non Members of the Association

You must be a member in order to attend this webinar. To learn about ACSS membership, click here.

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Clay Stevenson

Managing Director, Head of Sanctions & Embargoes, Americas

Deutsche Bank – USA

Clay Stevenson is an independent consultant specializing in economic sanctions matters, assisting clients in a variety of industries navigate the challenges of fast-changing requirements. Prior to starting his consultancy, from 2009 to 2017 Clay was Managing Director and the Global Economic Sanctions Executive for Bank of America Corporation, responsible for the company’s economic sanctions and anti-boycott compliance efforts, as well as a stint leading its anti-bribery / anti-corruption and Code of Ethics programs. From 2007-2009 Clay had responsibility for economic sanctions compliance at Merrill Lynch. And from 1999-2007, Clay served with the Department of the Treasury’s Office of Foreign Assets Control (OFAC), working first in the Compliance Division and later what is now the Office of Global Targeting, the group responsible for OFAC’s sanctions designation activities. Among his roles while at OFAC, Clay served as the first Chief of the Counter-proliferation Section within the then-Designation Investigations Division where he led a team of sanctions investigators charged with targeting the assets of weapons of mass destruction proliferators and their support networks, with particular focus on North Korea and Iran. Clay received his BA from the George Washington University and his MA from the Johns Hopkins University’s School of Advanced International Studies.

Lloyd Meadows

Director, Sanctions Advisory

Standard Chartered

Lloyd Meadows is responsible for regional sanctions policy and advisory work across the Africa & Middle East region from Standard Chartered’s regional hub in the Dubai International Financial Centre. He was previously Senior Sanctions Advisor in Standard Chartered’s London Head Office, where he was responsible for the 2016 refresh of the Group Sanctions Policy and Procedures. Mr Meadows joined Standard Chartered in 2014. From 2009 to 2014, Mr Meadows served in the State Programmes Team in the Counter Proliferation Department of the UK Foreign & Commonwealth Office, where he worked on the implementation of sanctions regimes targeting Iran, Syria, Libya and North Korea. Mr. Meadows began his career in 2004 working in the UK Ministry of Defence. Mr Meadows earned his Bachelor of Arts (B.A. (Hons)) in Theology and Master of Arts (M.A.) in European Political and Economic Integration from the University of Durham and Master of Science (M.Sc.) in Terrorism Studies from the University of East London.