The basics of a comprehensive OFAC Program

GJ Luchs

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 Financial institutions that are required to comply with OFAC regulations are to employ a risk-based approach to sanctions compliance by developing, implementing, and routinely updating an OFAC Program. Each risk-based OFAC program will

vary depending on a variety of factors—including the company’s size and sophistication,

products and services, customers and counterparties, and geographic locations

Financial institutions OFAC programs should be predicated on and incorporate at least five essential components of compliance:

(1) management commitment; (2) risk assessment; (3) internal controls; (4) testing and auditing;

and (5) training.

Key Take Away:

This program is intended to provide organizations with a framework for the five essential components of a risk based OFAC Program, as well as review the root causes that have led to apparent violations of the sanctions programs that OFAC administers. 

The expert will review OFAC federal requirements, expectations, and provide insights on how to ensure your organization has a comprehensive, compliant OFAC program that effectively mitigates OFAC risks.

Why Should You Attend ?

This webinar will help attendees better understand their potential OFAC risk and compliance obligations with respect to OFAC regulations. Reporting guidelines relating to OFAC, performing OFAC risk assessments, OFAC internal controls, and auditing for OFAC compliance will also be discussed. Developing and implementing an OFAC Program specific to the needs of their financial institution

  • OFAC Program Framework Components
  •  Discussion of the five essential components of an effective OFAC program:

                 1. management commitment;

                 2. risk assessment;

                 3. internal controls;

                 4. testing and auditing; and 

                 5. training.

  • OFAC Violations/ Penalties / Consequences of Non-Compliance

Learning objectives: 

  • Ensure a comprehensive understanding of the elements needed for an effective OFAC Program
  • Gain an understanding of the different types of OFAC violation, and their impact on your institution
  • How to put all the essential elements together
  • View sample/templates of each of the essential elements

Who Will Benefit:

  • Compliance Officers and personnel
  • AML/BSA Officers and personnel
  • New Account Personnel
  • Branch Managers
  • Assistant Branch Managers
  • Customer Service Reps
  • Lenders
  • Risk Officers
  • Collectors

Webinar Events
Live -Coming soon!

Training CD-DVD

Physical CD-DVD of recorded session will be despatched after 72 hrs on completion of payment

Recorded video

Recorded video session

Speaker: GJ Luchs, BSA/Compliance Auditor and Consultant

GJ Luchs, PhD (ABD), CAMS, CRMS  is a highly experienced and educated BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

GJ Luchs has worked with all of the financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with Fiserv, BAM, CRA Wiz, Teammate, COGNOS, and Metavante banking software. She has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and Compliance articles, training materials, and manuals as requested from numerous clients.

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