Monthly Telephone Briefing

BCG offers its members monthly Telephone Briefings on legal and regulatory matters. Also, you have the option to listen to audio presentations of meetings archived for up to 12 months after their original presentation dates. This benefit is called, “Listen While You Work.” You simply select a topic, minimize the screen, and listen to a streaming audio presentation while you work at your desk.

Please feel free to sign up annually, register for the next scheduled BCG Monthly Telephone Briefing or download an archived Handout below.

Current BCG Monthly Telephone Briefing Topic(s)

Friday, June 21, 2019
12:00 - 1:30 p.m.
Available for Streaming
 

OFAC Framework for Compliance Commitments

On May 2, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published "A Framework for OFAC Compliance Commitments," which is intended to provide organizations subject to U.S. jurisdiction with OFAC’s perspective on the essential components of a sanctions compliance program. This framework applies to all U.S. organizations, including financial institutions, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services. OFAC developed the framework as part of its continuing effort to strengthen sanctions compliance practices by encouraging each organization to implement an OFAC sanctions compliance program which contains five essential components: (1) management commitment; (2) risk assessment; (3) internal controls; (4) testing and auditing; and (5) training. At this month’s Briefing, we will examine OFAC’s new framework in detail and discuss OFAC’s recommendation that these essential components be adopted in an effort to avoid, or at least reduce the impact of, sanctions violations. Download Handout Here!

Agencies to Provide Guidance Regarding Acceptance of Private Flood Insurance Policies

On June 18, 2019, the federal financial regulatory agencies are hosting an interagency webinar to discuss the new rules concerning the acceptance of private flood insurance (PFI) policies. According to the webinar announcement the agencies plan to cover several topics, including the mandatory acceptance of PFI policies, the acceptance of the "Compliance Aid Statement" and the discretionary acceptance of PFI policies. During our June Telephone Briefing, we will review the agencies’ guidance and any insights they provide regarding compliance with the PFI rule which will be effective only two weeks later, on July 1, 2019. Download Handout Here!