Sanctions: We have an OFAC violation: What to do!
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Speaker : JUSTIN MUSCOLINO
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When : Tuesday, September 16, 2025
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Time : 12 : 00 PM EST
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Justin brings over 20 years of wide-arranging experience in compliance, training and regulations. He has previously worked in the Head of Compliance Training function for Macquarie Group, UBS, JPMorgan Chase, Bank of China, and GRC Solutions. Justin also runs his own Compliance Training company focusing on US & International regulations.
Justin also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function. He also serves as an advisor for the Global Compliance Institute(GCI) and instructs at the Barret School of Business and various compliance training providers.
Your institution just discovered a potential OFAC violation—now what?
Navigating economic sanctions is a high-risk area for financial institutions. A misstep can result in multi-million dollar penalties, reputational damage, and potential criminal liability. In this timely and practical session, compliance expert Justin Muscolino will walk participants through how to handle an Office of Foreign Assets Control (OFAC) violation effectively—from identification to resolution.
The webinar will include a breakdown of U.S. sanctions programs, the regulatory expectations when dealing with a sanctions breach, and strategies for risk mitigation. You’ll gain critical insights into how institutions are responding to the growing complexity of sanctions compliance in the global regulatory landscape.
Areas Covered
1. Sanctions Overview
- What are sanctions and why do they matter?
- Role of OFAC (Office of Foreign Assets Control)
- Types of sanctions: Comprehensive vs. targeted
- Sanctions programs (e.g., Iran, Russia, North Korea)
2. Sanctions Background
- Legal and regulatory framework behind sanctions
- How sanctions support U.S. foreign policy and national security
- International coordination (e.g., UN, EU sanctions alignment)
3. Impact of Sanctions on Financial Institutions
- Risk exposure across banking operations
- Real-world consequences: Penalties, regulatory action, reputational damage
- Key functions affected: AML, trade finance, wire transfers, KYC/CDD
4. What to Do If a Violation Occurs
- Detection: How to identify a potential OFAC violation
- Internal escalation and reporting channels
- Immediate actions: Account freezing, transaction rejection
- Filing a Voluntary Self-Disclosure (VSD) with OFAC
- How to conduct a sanctions-related internal investigation
- Remediation strategies and demonstrating a “culture of compliance”
5. Best Practices for Sanctions Compliance
- Developing and implementing a sanctions compliance program
- Screening tools and how to use them effectively
- Third-party risk management and sanctions exposure
- Training staff to detect and report red flags
- Regular audits and program testing
6. Case Studies
- Review of actual OFAC enforcement actions
- What went wrong, and what could have been done differently?
- Lessons learned from recent high-profile violations
7. Takeaways
- Actionable checklist for handling sanctions violations
- OFAC resources and guidance documents
- Template for Voluntary Self-Disclosure
- Steps to strengthen your compliance program
Who Should Attend
- AML and Compliance Officers
- Financial Crimes Investigators
- BSA Officers
- Risk Management Professionals
- Legal and Regulatory Counsel
- Internal Auditors
- Operations Managers in financial institutions
- Anyone responsible for sanctions screening and compliance
Why Should You Attend
In a global financial system, even a minor lapse in sanctions compliance can result in severe consequences. With the increasing complexity of global sanctions regimes, staying ahead of your compliance obligations is essential.
This webinar provides:
- A clear roadmap for responding to OFAC violations
- Tools to prevent recurring mistakes
- Guidance on reporting obligations and best practices
- Insight into enforcement trends and how regulators think
Whether you work in a bank, credit union, fintech company, or any regulated financial institution, this session is a must-attend for understanding how to respond effectively and minimize risk when sanctions issues arise.
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$160.00
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