U.S. exporters are not only required to understand complex licensing requirements regarding the goods they sell, they must adhere to U.S. sanctions against “enemy” countries (office foreign assets control regulations) and refuse to comply with sanctions imposed by other countries (anti-boycott laws).
These two sets of regulations are partially policed by U.S. banks when handling shipping documents and payments and, if a violation is detected, payments must be frozen and the bank must report the exporter to the authorities. Fines, loss of tax credits, and even jail terms may be imposed. On top of all that, the USA PATRIOT Act requires banks to refuse to even handle transactions that may be completely legitimate but which involve parties they haven’t done background checks on and to report transactions viewed by the government as “suspicious,” with the idea of catching money launderers.
This webinar educates participants on the regulations governing the actions of banks when handling international payments and explores what banks are required to do and not to do, with a particular focus on the impact on the exporter and their payment for goods.
Why Should You Attend
- Learn under what circumstances payment from a foreign buyer could get frozen by the U.S. government and deemed “trading with the enemy”
- Understand what makes a transaction reportable or prohibited under the anti-boycott regulations
Areas Covered in this Webinar
- Sanctions against “enemy” countries (e.g., the Office of Foreign Assets Control and U.N. sanctions)
- Anti-boycott regulations
- Anti-Money Laundering laws (e.g., the USA PATRIOT Act)
- Understand the difference between international rules, domestic laws & regulations, and international conventions and when they apply
- Review how the USA PATRIOT Act applies to trade transactions and information banks actually need in order to satisfy “Know-Your-Customer” requirements
Who Will Benefit
- Credit and Collection Managers
- Vice Presidents
- Business Owners
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