Sanctions Compliance Specialist (SCS)

1. What Sanctions & Counter-Proliferation Finance Are.

• Understand the concept of Sanctions and Embargoes.
• Identify the parties that issue sanctions (United Nations Security Council, European Union, and OFAC).
• Differentiate between types of sanctions (comprehensive, sectoral, targeted, global human rights).
• Comprehend the consequences of non-compliance with sanctions.
• Define and understand proliferation and proliferation finance and their obligations.
• Conduct proliferation finance risk assessment.
• Identify red flags and typologies of proliferation finance.

2. International Context

• Learn about the sanctions imposed by the UN, the European Union, and the Office of Foreign Assets Control (OFAC).
• Understand the roles of governments, regulators, and financial institutions in sanction compliance.

3. Processes

• Understand the customer onboarding and account opening procedures.
• Contrast automatic versus manual name screening.
• Consider important factors during the account opening process review.
• Understand the timing of name screening.
• Acknowledge the significance of training in sanction compliance.
• Learn about the screening system's matching ranks and algorithms.
• Understand Delta Files and documentation.
• Learn how to perform manual and automated name screening.
• Understand de-risking activities.
• Learn about Banking Authenticated Messages (SWIFT) and the different types of SWIFT messages.

4. Systems

• Discover Computer Assisted Audit Techniques (CAAT).
• Understand how to use internal system lists to ensure sanction compliance.
• Discover the general sanctions software highlights.
• Learn how to reduce the number of false positives in name screening tools.
• Understand the Wolfsberg Sanctions Screening Guidance.
• Understand how to implement strategies to minimize false hits in name screening processes.

5. Reporting

• Understand the structure of violation reports.
• Analyze the findings of violation reports.

6. Countries' Sanctions Highlights (Excluded from the assessment).

• Learn about Russia's sanctions and countermeasures, as well as those imposed on China, Hong Kong, Syria, North Korea, Iran, and Cuba.

Chapter 1 — what sanctions & counterproliferation finance are.

What are Embargoes?

• Who issues sanctions (United Nations Security Council, European Union, United States, United Kingdom, Australia)
• Types of Sanctions (Comprehensive, Sectoral, Targeted, Global Human Rights)
• Non-Compliance Consequences Counter-Proliferation Finance: Overview, Obligations, Risk Assessment, Red Flags and Typologies

Chapter 2 — INTERNATIONAL CONTEXT

United Nations Sanctions

• EU Sanctions
• UK Sanctions
• The Office of Foreign Assets Control (OFAC)
• The Australian "Autonomous Sanctions Act"
• Role of Governments and Regulators
• Role of Financial Institutions

Chapter 3 — PROCESSES

• Customer onboarding - Account opening (Automatic name screening vs Manual, Matching rank or algorithms within the system, Delta Files and Documentation)
• Banking Authenticated Messages (SWIFT)

Chapter 4 — SYSTEMS

• Computer assisted audit techniques (CAAT)
• System internal lists.
• Sanctions screening algorithms and reducing false hits.
• Wolfsberg guidance on sanctions screening

Chapter 5 — REPORTING

• Violation report structure
• Interpreting violation reports

Chapter 6 — COUNTRIES' SANCTIONS HIGHLIGHTS (EXCLUDED FROM THE ASSESSMENT)

• Russia
• China
• Hong kong normalization
• Syria
• North korea
• Iran
• Cuba