Fintelekt Advisory Services conducted a comprehensive training programme on January 23-24, 2020 in Mumbai, India, on Sanctions Compliance covering fundamental aspects of sanctions, various sanctions regimes such as the US (OFAC), UNSCR, UK and EU sanctions, impact of non-compliance and governance measures.
The format of the programme was interactive, covering case studies and group exercises. Participants represented private and public sector banks from India and Nepal, and were awarded certificates after completing an assessment after the training programme.
The faculty members for the programme were Pramod S. Khandelwal, Faculty Member, Fintelekt Advisory Services and Nicholas Turner, Of Counsel, Steptoe and Johnson. Pramod is the former Chief Compliance Officer of IndusInd Bank and has over four decades of banking experience. Nicholas is an American lawyer who specializes in financial crimes including economic sanctions and anti-money laundering advisory in the financial services sector.
The training programme allowed participants the opportunity to acquaint themselves with the nuances of dealing with international sanctions regimes, especially the OFAC regime. OFAC is currently the most prominent sanctions imposing authority globally. Banks have to be compliant at all times while dealing with US persons or the US financial system. However, there is a growing trend of OFAC imposing secondary sections on banks and corporates outside the US financial system, especially in respect of Iran and North Korean sanctions. Participants were made aware of this risk and the need to remain up to speed with global developments.