Sanctions

Certificate Course: Sanctions Module 3

In Module 1 of the Certificate Course on Sanctions, Surinderjit provided an introduction into the world of sanctions by explaining the concept and giving a brief history of sanctions and listed the various sanctions imposing authorities.

In Module 2, she explained the various types of sanctions and their applicability.

In Module 3, she covers the importance of compliance with sanctions.

Nowadays, companies have to navigate a complicated global sanctions landscape. It is imperative that organizations engaged in international business be aware of and stay current with sanctions developments. Surinderjit explains the repercussions of failing to comply with regulations and financial sanctions.

She discusses the key trends in global sanctions, and lists down the elements required for effective KYC and CDD measures with respect to sanctions. She also covers the most effective ways to conduct sanctions screening.

She ends the module with a case study on ELF Cosmetics.

Also available:

Certificate Course: Sanctions Module 1

Certificate Course: Sanctions Module 2

Sanctions Monthly Update – September 1, 2021

Course Duration: 10 minutes
Course Points: 10

In this month’s Sanctions Update, international sanctions lawyer Nicholas W. Turner, Of Counsel, Steptoe & Johnson LLP summarises the latest developments around economic sanctions in August, including:

  1. Updates on developments in Afghanistan
  2. Postponing of measures to incorporate the Anti-Foreign Sanctions Law into the Hong Kong law
  3. Belarus-related co-ordinated sanctions
  4. Potential developments in Australia following an announcement by the Ministry of Foreign Affairs
  5. Two OFAC settlements targeting foreign financial institutions operating in the UK and Romania

Certificate Course: Sanctions Module 2

Module 2 of this Certificate Course aims to provide an understanding of the types of prevailing sanctions and the nuances between them. It talks about the policies and measures of international communities or states such United Nations, United States, Australia, United Kingdom, Canada etc.

For each issuer, the course covers the specific objectives, various sanctions regimes, the types of sanctions and their applicability. For the United Kingdom, sanctions regulations post Brexit are also discussed.

The course includes a Case Study of North Korea to highlight the effectiveness of Sanctions.

Updated: July 2021
Level: Beginner-Intermediate
Inclusions: Assessment, Completion Certificate
Duration: 41 minutes
Points: 40

Trainer: Surinderjit Kaur, Faculty, Fintelekt Advisory Services
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Certificate Course: Sanctions Module 1

In Module 1 of this certificate course, Suriderjit provides an introduction into the world of sanctions by explaining the concept and giving a brief history of sanctions.

She discusses the various sanctions imposing authorities, the motivations for imposing them, as well as the most frequently applied sanctions measures.

Sanctions can have broad ranging socio-economic impact on a country, and Surinderjit explains this with the help of a case study on Sudan.

Updated: July 2021
Level: Beginner-Intermediate
Inclusions: Assessment, Completion Certificate
Duration: 32 minutes
Points: 30

Trainer: Surinderjit Kaur, Faculty, Fintelekt Advisory Services
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Expert Speak: Ankit Tibrewala, Standard Chartered Bank

Course Duration: 44 minutes
Course Points: 40

Ankit Tibrewala, Director, Sanctions Advisory, ASEAN & South Asia, Standard Chartered Bank speaks about Best Practices in Sanctions Compliance in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Expert Speak: Nicholas Turner, Steptoe & Johnson LLP

Course Duration: 31 minutes
Course Points: 30

Nicholas Turner, Of Counsel, Steptoe & Johnson LLP speaks about Economic Sanctions in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Sanctions Monthly Update – July 12, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in June and early July 2021.

Updates covered by Nick:

  • Passage of the Anti-Foreign Sanctions Law by the National People’s Congress Standing Committee in China
  • US government package on Xinjiang related measures focused on the solar industry and Withhold Release Order issued by the Customs and Border Protection
  • Updates on coordinated sanction on Belarus including sectoral sanctions imposed by the European Union
  • New set of sanctions imposed by the UK, European Union, Switzerland and the US on Myanmar
  • General licenses issued by OFAC in June for Covid-19 relief specifically in Venezuela, Iran and Syria

Certificate Course: Targeted Financial Sanctions

In this certificate course, Surendra defines the concept of Targeted Financial Sanctions (TFS), and compares it to Comprehensive Sanctions. TFS can be broadly classified into four categories. Surendra explains the difference between these categories, and covers the various sanctioning authorities that exist today.

The course also covers a brief description of UN Targeted Financial Sanctions, which follow FATF Recommendations against Terrorism Financing and Proliferation Financing, and implementation process of these sanctions.

Surendra states the obligations financial institutions have to identify designated persons, freeze their assets and prevent these people from using the financial system for their benefit. 

He concludes his presentation with evolving trends in economic sanctions across the globe.

Updated: July 2021
Level: Beginner-Intermediate
Inclusions: Assessment, Completion Certificate
Duration: 32 minutes
Points: 30

Trainer: Surendra Thapa, President & Founder, Global Intelligence Analysis Corporation, New York
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Sanctions Monthly Update – June 4, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in May 2021.

Updates covered by Nick:

  • Amendment to Executive Order 13959 around Communist Chinese Military Companies (CCMCs)
  • Co-ordinated action from the US and European Union expected against Belarus
  • The State Administrative Council (SAC) of Myanmar and 16 related individuals sanctioned by OFAC
  • Report issued by the US Treasury Department under section 5B of the Hong Kong Autonomy Act
  • Opinion from the Advocate General of the EU Court of Justice on the interpretation of the EU Blocking Statute in the context of US secondary sanctions on Iran

Webinar: Effective Implementation of Targeted Financial Sanctions in Zambia

Course Duration: 72 minutes
Course Points: 70

Fintelekt Advisory Services and the Financial Intelligence Centre, Zambia hosted a webinar on Effective Implementation of Targeted Financial Sanctions on May 20, 2021.

The webinar was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services and the speakers were Diphat Tembo, Director – Compliance and Prevention Department, Financial Intelligence Centre, Zambia, Nicholas W. Turner, Of Counsel, Steptoe & Johnson and Brent Estrella, Group Head & Chief Compliance Officer, Rizal Commercial Banking Corporation.

The webinar was designed as an educational and awareness generation initiative for reporting entities in Zambia. In order to comply with, and effectively implement the domestic regulations around targeted financial sanctions, as well as help the country to stay compliant with international standards, reporting entities in Zambia must stay current on financial sanctions and be able to understand the impact of these sanctions to their present compliance program.

The webinar speakers brought the following issues to the fore:

– Improving awareness on the obligations around targeted financial sanctions in Zambia
– Understanding the challenges faced by reporting entities in implementing the requirements on targeted financial sanctions
– Best practices around screening
– The importance of employee training to detect potential offences
– How reporting entities are misused and what type of services or products are most vulnerable for the purpose of the potential breach, non-implementation or evasion of targeted financial sanctions
– Examples of indicators to identify risks linked to terrorism and proliferation financing

Participants from Zambia who attended this webinar live are entitled to receive a participation certificate. If you have already registered on Fintelekt Academy, the certificate will be sent to your registered email id on or before Friday, May 28, 2021.

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