Common use of AML Reporting Clause in Contracts

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 the Trust in complying with the CIP Regulations by performing the functions set forth in Section 4.1.. 4.1.1.7. Provide a written report in a format to be agreed upon by the parties no less frequently than quarterly that reflects a summary of results for government list matching, suspicious activity referrals, foreign correspondent accounts, primary money laundering concerns, FinCen 314(a) Information Requests, CIP records, beneficial owner records, CIP failures, as well as anti-money laundering cases referred to the Trust during the reporting period, as applicable. 4.1.2. To assist the Trust in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (“FinCEN”)(31 CFR § 1020.230) pursuant to the Bank Secrecy Act (“CDD Rule”), Ultimus will maintain and implement written procedures that are reasonably designed to: 4.1.2.1. Obtain information of a nature and in a manner permitted or required by the CDD Rule in order to identify each natural person who is a “beneficial owner” (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and 4.1.2.2. Verify the identity of each beneficial owner so identified according to risk-based procedures to the extent reasonable and practicable, in accordance with the minimum requirements of the CDD Rule. 4.1.2.3. Nothing in Section 4.1 shall be construed to require Ultimus to perform any course of conduct that is not required for Trust compliance with the CIP Regulations or CDD Rule, including by way of illustration and not limitation, the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries that use the facilities of the NSCC.

AML Reporting. Ultimus agrees to provide anti-money laundering services to the Trust’s direct shareholders, shareholders domiciled in the United States and 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. 4.1.13.1.1. 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: 4.1.1.13.1.1.1.1. 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; 4.1.1.23.1.1.1.2. 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). 4.1.1.33.1.1.1.3. Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 1024.220(a)(3). 4.1.1.43.1.1.1.4. Regularly report to the Trust about measures taken under 4.1. 1.1 4.1.1.3. 4.1.1.53.1.1.1.5. 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. 4.1.1.63.1.1.1.6. 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 the Trust in complying with the CIP Regulations by performing the functions set forth in Section 4.1.. 4.1.1.73.1.1.1.7. Provide a written report in a format to be agreed upon by the parties no less frequently than quarterly that reflects a summary of results for government list matching, suspicious activity referrals, foreign correspondent accounts, primary money laundering concerns, FinCen 314(a) Information Requests, CIP records, beneficial owner records, CIP failures, as well as anti-money laundering cases referred to the Trust during the reporting period, as applicable. 4.1.23.1.2. To assist the Trust in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (“FinCEN”)(31 CFR § 1020.230) pursuant to the Bank Secrecy Act (“CDD Rule”), Ultimus ▇▇▇▇▇▇▇ will maintain and implement written procedures that are reasonably designed to: 4.1.2.13.1.2.1. Obtain information of a nature and in a manner permitted or required by the CDD Rule in order to identify each natural person who is a “beneficial owner” (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and 4.1.2.23.1.2.2. Verify the identity of each beneficial owner so identified according to risk-based procedures to the extent reasonable and practicable, in accordance with the minimum requirements of the CDD Rule. 4.1.2.33.1.2.3. Nothing in Section 4.1 shall be construed to require Ultimus to perform any course of conduct that is not required for Trust compliance with the CIP Regulations or CDD Rule, including by way of illustration and not limitation, the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries that use the facilities of the NSCC.