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    U.S. Economic Sanctions Compliance for Non-U.S. Financial Institutions


    TCAE is excited to invite Nick Turner, a lawyer at Steptoe & Johnson in Hong Kong to share his insights on U.S. Economic Sanctions Compliance for Non-U.S. Financial Institutions. In this session, Nick will explain how U.S. economic sanctions administered by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) apply to the activities of non-U.S. financial institutions. Attendees will learn to spot transactions that involve the U.S. financial system and identify activities that are prohibited or that may continue to be permissible for non-U.S. financial institutions and their customers as part of their risk-based compliance programs. These principles will be illustrated using recent examples of OFAC sanctions targeting persons in Hong Kong and China, restrictions on securities of certain Chinese companies, and recent developments involving Cuba, Venezuela, and other sanctions targets.

    Learning Outcomes

    • Understanding the basic features of U.S. sanctions administered by OFAC, including the key differences between blocking sanctions, sectoral sanctions, and primary and secondary sanctions
    • Identifying accounts and transactions involving “U.S. persons” and the “U.S. financial system” that are subject to OFAC sanctions
    • Understanding the basic features of recent U.S. sanctions targeting persons in Hong Kong and China, and securities of certain Chinese companies and their application to non-U.S. financial institutions and customers
    • Distinguishing OFAC sanctions from licensing restrictions under the U.S. Export Administration Regulations (EAR)
    • Reviewing OFAC’s expectations for risk-based compliance controls
    • Looking ahead to emerging OFAC risks involving China, Myanmar, Russia, and other issues of interest to the new Biden administration


    Nick Turner, Of Counsel, Steptoe & Johnson Hong Kong Nick Turner works with multinational financial institutions and corporations on all aspects of economic sanctions, anti-money laundering, and anti-bribery and corruption compliance and investigations. Drawing on his experience working in-house for multinational financial institutions, he focuses on guiding clients on designing and implementing compliance programs and advising on the application of regulations from the OFAC and other agencies to clients &; international businesses. In 2020, Nick was named on the Global Investigations Review (GIR) list of “40 Under 40” global investigations specialists. Nick has also designed and delivered tailored trainings for clients on economic sanctions and anti-money laundering laws in the financial services, telecommunications, and manufacturing sectors. He is a frequent speaker at conferences and workshops throughout Asia and is a Certified Anti-Money Laundering Specialist (CAMS).


    Souzan Esmaili, Compliance & AML Consultant | Founder, TCAE Souzan Esmaili has over 14 years of international experience in consultancy and training with a focus on Regulatory Compliance, Anti-Money Laundering, Anti-Bribery and Corruption and RegTech. She worked for various financial institutions and consultancies in Dubai and Toronto. In Toronto, she worked with one of the international banks and covered their Anti-Bribery and Corruption program for Canada and Latin America. Prior to moving to Canada, Souzan worked as a senior consultant and assisted her clients to understand their compliance needs, advised on meeting regulatory requirements and managed a multitude of remediation projects. She has acted as the Compliance Officer and MLRO for a number of firms regulated by the Dubai Financial Services Authority (DFSA) and advised extensively on matters related to Governance, Risk and Compliance (GRC). In October 2019, Souzan created Toronto Compliance and AML Events (TCAE) with a passion to help the AML and Compliance professionals to connect and inform them of relevant events based in Toronto. In March 2020, Souzan launched The Knowledge Series where she brings international industry experts and thought leaders to share their knowledge and experience with the AML and Compliance professionals around the world.


    Feb 27 2021


    10:00 am - 11:00 am


    Toronto Compliance & AML Events


    Toronto Compliance & AML Events