Meeting the high stakes challenge of effective sanctions data monitoring
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Transcript of Meeting the high stakes challenge of effective sanctions data monitoring
FROM
DataManagementReview.com
November 15, 2016
Welcome to A-Team Group’s webinar:
Meeting the high stakes challenge of effective sanctions
data monitoring
FROM
DataManagementReview.com
November 15, 2016
Moderator:
Sarah Underwood, Editor, A-Team Group
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DataManagementReview.com
November 15, 2016
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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November 15, 2016
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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November 15, 2016
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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DataManagementReview.com
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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November 15, 2016
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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November 15, 2016
What sort of sanctions must be understood and acted upon by financial institutions?
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November 15, 2016
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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November 15, 2016
How do firms typically manage official sanctions lists?
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November 15, 2016
What are the challenges of identifying securities related to sanctioned domiciles, companies or individuals?
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November 15, 2016
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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November 15, 2016
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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November 15, 2016
What new approaches are emerging to ease the burden of identifying securities related to sanctioned entities?
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November 15, 2016
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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November 15, 2016
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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November 15, 2016
How are any exceptions managed?
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November 15, 2016
What benefits can be gained by identifying sanctions related securities and complying with global sanctions regimes?
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November 15, 2016
How could sanctions and their effect on securities and solutions develop over the next few years?
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November 15, 2016
Thank you to our sponsor
Contact:
Website: www.six-financial-information.com
Email: [email protected]
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November 15, 2016
November 17th
DataManagement
SummitNew York
March 15th
DataManagement
SummitLondon
Upcoming A-Team Group Events
Visit DataManagementReview.com/events
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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
December 6thThe missing
piece of the data governance
puzzle
Visit webinars section of DataManagementReview.com
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November 15, 2016
A-Team Group Handbook Series
Visit the data management handbooks section ofDataManagementReview.com
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November 15, 2016
Please take the time to complete our post webinarsurveyWe will notify you when the webinar recording is available
Thank you for joining us