OFAC, OFSI, and Sanctions

Insurance companies must comply with Office of Foreign Assets Control (OFAC) regulations, the Office of Financial Sanctions Implementation (OFSI), and other applicable sanctions regimes by screening policyholders, beneficiaries, and counterparties against relevant sanctions lists, including the Specially Designated Nationals (SDN) list to prevent providing services to sanctioned entities. Violations can result in severe civil or criminal penalties. Join professionals at Clarity and Steptoe to learn more about OFAC and OFSI sanctions, how to stay on top of the ever-changing landscape, and the importance of processes and procedures for screening.

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