Financial Sanctions
Financial and economic sanctions are binding prohibitions applied by governments to prevent business transactions with certain designated persons. They may be rogue organisations, countries, regimes or specific individuals.
Violations of sanctions issued by the UN, the US and the EU, placing restrictions on payments and other financial transactions, can result in fines and criminal charges.
Our Financial Sanctions Compliance Training Course will help your employees understand what financial sanctions are, their impact on business operations and how to ensure compliance.
Learning objectives
- Recognise what financial sanctions are and the purpose that they are designed to achieve
- Identify the steps our Company takes to comply with sanctions
- Comply with your own obligations under the Company's policy and procedures in relation to sanctions
- Seek advice and report matches and transactions to avoid sanctions violations
Introduction
What are financial sanctions?
- Who imposes sanctions?
- Types of financial sanctions
- Mind the USA!
- Sanctions terminology
- Consequences: In the news…
- You decide: What is the risk?
Sanctions controls
- Company sanctions
- How we apply sanctions
- Your obligations
- You decide: Is it correct or not?
- Customer onboarding
- Payments
- Wire stripping
- Third parties
- You decide: Sanctions compliant?
Screening & matching
- The screening and matching process
- You decide: What type of match is it?
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Best practice: Screening and matching
Implementing financial restrictions: asset freezes
- What this means for you
- You decide: Is it allowed or not?
- Scenario: Angela's client
- Scenario: Receiving payments from designated persons
- Scenario: Insurance and designated persons
Entities: Ownership & control
- Scenario: Sanctions and ownership
- Scenario: Insuring entities
- Scenario: Sanctions and partnerships
- Scenario: Sapphire
- Scenario: Sanctions checks
- The workaround
- Scenario: Roya and Kazem's story
Our reporting & record-keeping obligations
- Record keeping
Summary
Affirmation
Assessment
Economic Sanctions
Violation of sanctions issued by the UN, the US and the EU which place restrictions on payments and other financial transactions can result in fines as well as criminal charges.
Working Safely
Employees need to know how to protect their own health, safety and welfare as well as ensuring they don't cause harm to others.
Slips and Trips
Educate your staff on the controls that your Company has in place and what they should do to prevent slips and trips at work.
General Office Hygiene
Educate your staff on general office hygiene protocols to reduce common viruses and infections from spreading at the workplace.
Control of Substances Hazardous to Health (COSHH)
Educate your staff on the risks of using hazardous substances as well as what they should do to prevent accidents and incidents when using them.
Electricity
Educate your staff on the controls your Company has in place and what they should do to stay safe and manage the risks associated with electricity and electrical devices.
Fire Warden Training
Gain a comprehensive understanding of your role as a fire warden, which encompasses not only how to respond effectively in the event of a fire but also proactive measures to prevent such incidents from occurring.
Lone Working
Lone working offers greater flexibility, autonomy and creates a broader talent pool for businesses.
New and Expectant Mothers at Work
Being a new or expectant mother is an exciting time.
Noise
Educate your staff on the controls that your Company has in place and what they should do to prevent exposure to noise at work.