The Knowledge Group
The Knowledge Group

Ernst & Young’s Steven Beattie to Speak at Knowledge Congress’ Live Webcast on OFAC Compliance & Enforcement Issues: A Guide to Minimizing the Risk of Sanctions

New York, NY, September 15, 2009 --( The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts announced today that Steven Beattie, Principal, Financial Service, Ernst & Young LLP will speak at The Knowledge Congress’ upcoming webcast entitled: “OFAC Compliance & Enforcement Issues: a Guide to Minimizing the Risk of Sanctions”. This two-hour event is scheduled on Thursday, January 14, 2010, at 3:00 PM - 5:00 PM ET. (For further details of the event and an updated list of panelists, please visit:

Event Synopsis

OFAC regulations were designed to put an end to the circulation of illegal funds and to block terrorists from masking fraudulent activity through seemingly legitimate front companies. Some of this activity is deliberate but many firms have been unknowingly duped into performing illegal activity by the terrorist or fraudster. Sanctions, depending on the type of violation, may include blocking of assets and restrictions on trade, fines, and other penalties. Companies must in the first place proactively take steps to detect and block fraudsters thereby avoiding sanctions. Furthermore, once a violation has occurred, the relative severity of it comes into place. Violations are classified as "egregious" and "non-egregious" which weigh in on how big the potential fine may be. This may seem subjective to some firms and it underscores the need to know how violations are classified and how they will be weighted in different cases. Companies must understand how fines are calculated in order to be best prepared if they find themselves in violation of the law.

This Knowledge Group Live webcast will help teach you how to set up proactive programs to detect and manage illegal activity – mitigating your risk for a sanction. In addition, it will help you learn what to do should you suddenly find yourself in the midst of an investigation. Given the potentially serious fallout from a sanction, you must have a thorough and comprehensive understanding of this process. This live webcast is a must attend event for companies that have any risk of being sanctioned by OFAC.

About Steven Beattie

Steve is the Anti-money laundering (AML) services leader for Ernst & Young. He brings operational, technology and process improvement experience starting with his prior risk and controls assessment leadership role within a global financial services company. He is responsible for Americas leadership and global coordination of Ernst & Young’s AML and economic sanctions-related efforts across banks, asset managers, broker/dealers and insurance companies. He brings extensive hands-on experience in compliance organization/structure, risk assessment and mitigation, control assessment and operational and technology improvement strategies.

The Ernst & Young team has assisted numerous organizations in evaluating and improving the completeness, appropriateness and effectiveness of their AML, OFAC and economic sanctions compliance programs and related technologies. The firm assists clients in addressing regulatory criticism, enhancing programs or to “right-size” AML and economic sanctions efforts to meet compliance objectives in a cost-effective way. Services offered include independent control assessments, process improvement support, historical transaction and/or file reviews and remediation, and program optimization.

Steve has worked and presented with various regulatory authorities as firms had endeavored to address regulatory expectation, and is a frequent speaker on current and emerging topics and challenges. Most recently, he has been a leader of industry roundtables for addressing emerging OFAC-related challenges, with particular focus on the future implications of SWIFT messaging standard changes and their resultant operational and technology impact.

Steve is frequently published on key AML and economic sanctions-related topics and facilitates industry forums and is a Certified Anti–Money Laundering Specialist (CAMS), a Certified Information Systems Auditor and a Certified Financial Services Auditor.

About Ernst & Young LLP

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, its 130,000 people are united by shared values and an unwavering commitment to quality. They make a difference by helping people, clients and wider communities achieve potential.

For more information about Steven Beattie, and Ernst & Young LLP, please visit:

About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series

The Knowledge Congress is a series of live webcasts produced by The Knowledge Group, LLC, which examine trends, regulatory, and technology changes across a variety of industries. “We bring together the world's leading authorities and industry participants through informative two-hour webcast that study the impact of changing regulations and help businesses succeed through proper regulatory compliance.” To contact or to register to an event, please visit:

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