AML Reporting Clause Samples
The AML Reporting clause requires parties to comply with anti-money laundering (AML) laws by reporting certain financial transactions or suspicious activities to relevant authorities. Typically, this clause obligates organizations to monitor transactions, maintain records, and promptly notify regulators if they detect activities that may indicate money laundering or terrorist financing. Its core function is to ensure legal compliance and help prevent the misuse of financial systems for illicit purposes.
AML Reporting. Ultimus agrees to provide anti-money laundering services to the Trust’s direct shareholders and to operate the Trust’s customer identification program for these shareholders, in each case in accordance with the written procedures developed by Ultimus and adopted or approved by the Board and with applicable law and regulations.
AML Reporting. U▇▇▇▇▇▇ agrees to provide anti-money laundering services to the Trust’s direct shareholders and to operate the Trust’s customer identification program for these shareholders, in each case in accordance with the written procedures developed by U▇▇▇▇▇▇ and adopted or approved by the Board and with applicable law and regulations.
AML Reporting. ▇▇▇▇▇▇▇ agrees to provide anti-money laundering services to the Fund’s direct shareholders and to operate the Fund’s customer identification program for these shareholders, in each case in accordance with the written procedures developed by ▇▇▇▇▇▇▇ and adopted or approved by the Board and with applicable law and regulations.
AML Reporting. On a quarterly basis, the Transfer Agent shall provide a report to the Fund on its performance of the AML Delegated Duties, among other compliance items, which report shall include information regarding the number of: (i) potential incidents involving unusual or suspicious activity, (ii) SARs and other reports or notices filed on behalf of the Fund, (iii) outstanding customer verification items, and (iv) potential and confirmed matches against the “Known Offender”, OFAC database and PEP database. Notwithstanding anything in this Section 4.3 to the contrary, the Transfer Agent reserves the right to amend and update the form of its AML reporting from time to time to comply with new or amended requirements of applicable law or to enhance its compliance program.
AML Reporting. Ultimus agrees to (i) provide anti-money laundering screening for the BDC’s direct investors domiciled in the United States, which shall include initial comparison of investor information against OFAC and other watch lists (and including screening of any 10% underlying beneficial owner of a Shareholder) and providing the BDC with any exceptions in accordance with Ultimus’ AML policies and procedures; and (ii) perform customer identification for these shareholders, in each case in accordance with the written procedures developed by ▇▇▇▇▇▇▇ and adopted or approved by the Board and with applicable law and regulations. Ultimus shall also: (i) systematically compare updates against investor name for each update of the OFAC list; (ii) periodically monitor existing investors in accordance with Ultimus’ AML policies and procedures; (iii) as agreed with the BDC, support AML screening for new and existing "high risk" Shareholders, as applicable (which shall include, without limitation, providing a periodic written report to the BDC with respect to any such "high risk" Shareholder); (iv) file Suspicious Activity Reports, if any, with the appropriate reporting authorities; (v) provide AML certification report upon request; and (vi) perform adverse media reviews on all shareholders based on Ultimus’ BSA standards including ongoing monitoring for all shareholders.
AML Reporting. Ultimus will provide anti-money laundering services to the BDC’s direct shareholders domiciled in the United States and operate the BDC’s customer identification program for these shareholders, in each case in accordance with written procedures developed by Ultimus in consultation with the Administrator and with applicable law and regulations.
AML Reporting. (a) On a quarterly basis, the Transfer Agent shall provide a report to the Fund on its performance of the AML Delegated Duties, among other compliance items, which report shall include information regarding the number of: (i) potential incidents involving cash and cash equivalents or unusual or suspicious activity, (ii) Forms 8300 and SARs filed on behalf of the Fund, (iii) outstanding customer verification items, (iv) potential and confirmed matches against the known offender and OFAC databases and (v) potential and confirmed matches in connection with FinCen requests. Notwithstanding anything in this Section 4.3(a) to the contrary, the Transfer Agent reserves the right to amend and update the form of its AML reporting from time to time to comply with new or amended requirements of applicable law or to enhance its Compliance+ program.
(b) At least annually, the Transfer Agent will arrange for independent testing (an audit) of the AML services it provides to its clients on an organization-wide basis by a qualified independent auditing firm. The Transfer Agent will provide the AML compliance officer of the Fund with the results of the audit and testing, including any material deficiencies or weaknesses identified and any remedial steps that will be taken or have been taken by the Transfer Agent to address such material deficiencies or weaknesses. ▇▇▇▇▇▇ ASSOCIATES INVESTMENT TRUST BOSTON FINANCIAL DATA SERVICES, INC. By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇ BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇ ---------------------------------- ---------------------------------- Name: ▇▇▇▇ ▇. ▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇ -------------------------------- -------------------------------- Title: President Title: Senior Vice President ------------------------------- ------------------------------- As an Authorized Officer on behalf of the Fund listed above. SCHEDULE 1.3 SERVICE LEVEL AGREEMENT Dated: October 1, 2005 OVERVIEW The standards below represent the levels and standards which the Transfer Agent is generally achieving in its day-to-day operations and which the Fund may reasonably expect the Transfer Agent to generally achieve. Notwithstanding anything in the Transfer Agency and Service Agreement or any schedule or exhibit thereto (the "Agreement") to the contrary, this does not mean, and, the Transfer Agent neither represents, warrants or covenants that, nor does the Fund necessarily expect, that the Transfer Agent shall always meet, fulfill or comply with the levels and standards set forth below at all times....
AML Reporting. (a) On a quarterly basis, the Transfer Agent shall provide a report to the Trust on its performance of the AML Delegated Duties, among other compliance items, which report shall include information regarding the number of (i) potential incidents involving cash and cash Schedule 1.2(f)-2 equivalents or unusual suspicious activity, (ii) Forms 8300 and SARS filed on behalf of the Trust, (iii) outstanding customer verification items, (iv) potential and confirmed matches in connection with FinCen requests. Notwithstanding anything in this Section 4.3 (a) to the contrary, the Transfer Agent reserves the right to amend and update the form of its AML reporting from time to time to comply with new and amended requirements of applicable law or to enhance its Compliance program.
(b) At least annually the Transfer Agent will arrange for independent testing (an audit) of the AML services it provides to its clients on an organization-wide basis by a qualified independent auditing firm. The Transfer Agent will provide the AML compliance officer of the Trust with the results of the audit and testing, including any material deficiencies or weaknesses identified and any remedial steps that will be taken or have been taken by the Transfer Agent to address such material deficiencies or weaknesses. AARP FUNDS STATE STREET BANK AND TRUST COMPANY BY: By: A duly authorized officer of AARP Funds Name: Name: Title: Title: Schedule 1.2(f)-3 SCHEDULE 1.4 SERVICE LEVEL AGREEMENT Dated: December 23, 2005 Overview The standards below represent the levels and standards which the Transfer Agent is generally achieving in its day-to-day operations and which the Trust may reasonably expect the Transfer Agent to generally achieve. Notwithstanding anything in the Transfer Agency and Service Agreement or any schedule or exhibit thereto (the “Agreement”) to the contrary, this does not mean, and, the Transfer Agent neither represents, warrants or covenants that, nor does the Trust necessarily expect, that the Transfer Agent shall always meet, fulfill or comply with the levels and standards set forth below at all times. Rather, it is the expectation of the parties that, in the event of a failure to meet, fulfill or comply with the levels and standards set forth below, the parties shall coordinate and cooperate to correct the inadequacies as set forth immediately below in “Service Level Standard Resolution”. Service Level Standard Resolution Notwithstanding the Transfer Agent’s best efforts to achi...
AML Reporting. Ultimus agrees to provide anti-money laundering services to the Trust’s direct shareholders, to operate the Trust’s customer identification program (“CIP”) for these shareholders, in each case in accordance with the written procedures developed by Ultimus and adopted or approved by the Trust’s Board of Trustees (the “Board”), the applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act (“CIP Regulations”), and with applicable law and regulations.
4.1.1. To assist the Trust with its CIP designed to ensure the identity of any person opening a new account with a Fund, Ultimus will assist the Fund(s) as follows:
4.1.1.1. Implement procedures that require that prior to establishing a new account in the Trust, Ultimus obtain the name, date of birth (for natural persons only), address and government-issued identification number (collectively, the “Data Elements”) for the “Customer” (defined for purposes of this Agreement as provided in 31 CFR 1024.100(c)) associated with the new account;
4.1.1.2. Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which Ultimus may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 1024.220), and may include procedures under which Ultimus personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first-level (which will typically be reliance on results obtained from an information vendor) verification process(es).
4.1.1.3. Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 1024.220(a)(3).
4.1.1.4. Regularly report to the Trust about measures taken under 4.1.
1.1 4.1.1.3.
4.1.1.5. If Ultimus provides services by which prospective Customers may subscribe for shares in the Trust via the Internet or telephone, Ultimus will work with the Trust to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted by the Trust in accordance with the CIP Regulations.
4.1.1.6. Certify to the Trust in writing no less frequently than annually that Ultimus has implemented an anti-money laundering program and that it (or its agent) will during the term of this Agreement assist th...
AML Reporting. ▇▇▇▇▇▇▇ agrees to provide anti-money laundering services with respect to the Fund’s direct shareholders and to operate the Fund’s customer identification program with respect to these shareholders, in each case in accordance with the written procedures developed by ▇▇▇▇▇▇▇ and adopted or approved by the Board and with applicable law and regulations. Notwithstanding the foregoing, Ultimus’ ability, and therefor its obligation, to perform anti-money laundering services with respect to the Fund’s direct shareholders and to operate the Fund’s customer identification program with respect to these shareholders, shall be wholly-dependent upon its timely receipt from Poolit of all information necessary in Ultimus’ sole determination to properly perform such services, and, should Ultimus determine it to be necessary, Ultimus may require Poolit to provide, and Poolit hereby agrees to provide, ▇▇▇▇▇▇▇ with such additional information as ▇▇▇▇▇▇▇ determines is necessary to properly perform such services. Any failure by Poolit to provide Ultimus with such information shall be a material breach of the Agreement. As a condition to ▇▇▇▇▇▇▇ agreeing to provide the aforementioned anti-money laundering services, Poolit further agrees to verify the authenticity of financial information collected via the Poolit maintained investor portal by running the same through the Plaid verification system before any such information is provided to Ultimus.