Complying with the Rules & Regulations Pertaining to Letters of Credit
Tuesday, February 26, 2013 from 10:00 AM to 11:30 AM (PST)
Palo Alto, CA
This international trade compliance training will provide an overview and introduction to rules and regulations governing international trade and take an in-depth look at US sanctions enforced by the Office of Foreign Assets Control (OFAC), Anti-Boycott regulations maintained by the US Department of Commerce, and section 326 of the USA PATRIOT Act (“Know Your Customer”).
Why Should You Attend:
There are many rules and regulations governing international trade. The rules are standards of practice, many created and maintained by the International Chamber of Commerce, to facilitate trade. The regulations contain legal restrictions on what one is allowed to sell to whom and required (and prohibited) business conduct, with penalties for failure to comply including fines, loss of export privileges, and even jail terms. In many cases, banks are required to police transactions they handle and report violations.
This 90-minute session will provide an overview and introduction to rules and regulations governing international trade and take an in-depth look at some with broad applicability: the Incoterms 2010, the Uniform Customs and Practice for Documentary Credits (UCP), US sanctions enforced by the Office of Foreign Assets Control (OFAC), Anti-Boycott regulations maintained by the US Department of Commerce, and section 326 of the USA PATRIOT Act (“Know Your Customer”). Exporters, importers, and their bankers must know the rules in order to play the game and avoid losses and penalties.
Objective #1: Understand the difference between international rules, domestic laws & regulations, and international conventions and when they apply.
Objective #2: Eliminate common confusion over selected articles in the UCP600 and the International Standard Banking Practices.
Objective #3: Review what the Incoterms 2010 cover, how they are intended to be used, how they are often misused, and what they have to do with transfer of title.
Objective #4: Learn under what circumstances payment from a foreign buyer could get frozen by the U.S. government and deemed “trading with the enemy”.
Objective #5: Understand makes a transaction “reportable” under the anti-boycott regulations.
Objective #6: Review how the USA PATRIOT Act applies to trade transactions and information banks actually need in order to satisfy “Know-Your-Customer” requirements.
When & Where
At ComplianceOnline, we are focused on :
- Enhancing global compliance, creating a world where quality and compliance professionals, regulators, and government agencies come together to help the world comply with the intent and the spirit of laws, policies and mandates, ensuring continuous improvement in global operations, quality & safety.
- Making sure that we are responsible corporate citizens helping our constituents build a more responsible enterprise, one which operates with high quality , under a code of ethics, and with process discipline to ensure greater shareholder returns.
- Keeping things simple and straight forward , so that we all can indeed improve the quality of our processes, our work, our businesses and enhance compliance globally.
- Being inclusive, giving the process experts ( & novices! ), compliance professionals, quality champions, and regulatory agencies a voice so that all of us can contribute and make a difference.