Managing maritime risk: Sanctions compliance and detection
The first in a series of expert insight briefings from Lloyd’s List and Lloyd’s List Intelligence exploring the shifting dynamics of political, regulatory and financial risk in shipping
Lloyd’s List and industry experts discuss the updated US Office of Foreign Assets Control sanctions guidance and how any organisation with exposure to shipping or cargoes needs to understand, identify and mitigate the risk to their operations
SINCE the US Office of Foreign Assets Control updated its guidance on sanctions in order to further disrupt the trade and transport of energy commodities from Iran and Venezuela, any organisation with exposure to shipping needs to know, and prove, what, where and with whom they are trading with at all times.
The bar for compliance has been raised, effectively forcing the maritime supply chain, including banks, financial institutions, insurers, traders, and governments, to examine their risk and compliance capabilities, and many have been found wanting.
Fear of the unknown is now rife in boardrooms across the supply chain as headlines detailing sanctions offenders being locked out of the US financial system spur a flurry of internal reviews.
Understanding the context of Ofac compliance, what Ofac are looking for and why, is key.
Awareness of the sometimes unexpected reach of sanctions regimes, and the dire consequences of falling foul of those sanctions, even unknowingly, is essential.
In the first edition of this new series from Lloyd’s List and Lloyd’s List Intelligence, experts take you through the risks associated with the Ofac sanctions, how to identify them and also how to mitigate that risk to your organisation.
Introduced and moderated by Richard Meade, Managing Editor of Lloyd’s List, the panel for this session consists of:
Andrew Fierman, Vice-President, Sanctions Compliance Société Générale
Julian Clarke, Senior Partner at Ince & Co
Michelle Wiese Bockmann, Markets Editor, Lloyd’s List
Simply press play on the video below to view the presentation. For further information on the Lloyd’s List Intelligence range of sanctions risk and compliance products, follow this link.