Export Compliance for Financial Institutions

In recent years, the United States has expanded export controls on dual use technologies and other items. These measures include controls imposed in response to Russia’s invasion of Ukraine, and in the context of the U.S.-China tech war. In this context, and considering national security and foreign policy goals, U.S. authorities have directed financial institutions to incorporate export compliance in their compliance frameworks, particularly existing BSA/AML compliance systems.

This program will cover the text, context, and practical implementation of financial institutions’ obligations under the EAR, as amplified by joint alerts issued by the Commerce Department’s Bureau of Industry and Security (BIS) and FinCEN in 2023 and 2023, and more recently in the BIS’ New Guidance to Financial Institutions on Best Practices for Compliance with the Export Administration Regulations. In addition, we will discuss implications for customers of financial institutions, particularly banks.

During this event you will learn:

· Financial institutions’ (FIs) compliance obligations under the EAR.

· FIs’ BSA/AML compliance frameworks.

· U.S. authorities’ expectations for more proactive export compliance by FIs.

· Practical issues in implementing enhanced export compliance.

· Implications of enhanced export compliance for FI customers.

Host or Publisher Kata Martinez (ACFCS)