Trading With the Enemy: Avoiding Insurance Industry Compliance Pitfalls

Learn about the dangers insurers face from inadvertently trading with the enemy in this practice note that addresses a company’s obligations to the Office of Foreign Asset Control (OFAC). Includes potential violations with respect to issuing policies, receiving premiums, facilitating transactions, or otherwise engaging with a person or entity on the Specially Designated Nationals and Blocked Persons List. 

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Related Content

• OFAC Compliance in the Insurance Industry Checklist
  Review the steps to consider when making determinations about potential OFAC violations.
• OFAC Regulations Fundamentals
  Understand your OFAC compliance obligations and discover the U.S. sanctions implemented by the U.S. Treasury Department’s OFAC, including applicability, targeted parties, prohibited actions, and penalties.
• OFAC Violation Responses
  Consider the decisions a company faces upon discovering a potential OFAC sanctions violation. Addresses the halt or reversal of ongoing conduct, scope of investigation(s), and prevention of future violations.
• OFAC Violation Response Checklist
  Examine the issues to address in a company’s response to an alleged OFAC violation, including the potentially significant reputational and financial consequences.
  
  

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Featuring the latest updates in Practical Guidance.   

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