Common use of Anti-Money Laundering and Client Screening Clause in Contracts

Anti-Money Laundering and Client Screening. With respect to the Trust’s or any Portfolio’s offering and sale of Creation Units at any time, and for all subsequent transfers of such interests, the Trust or its delegate shall, to the extent applicable, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Shares and Creation Units and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to confirm that each investor’s and any transferee’s funds used to purchase Creation Units or Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control (“OFAC”) database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records. In order to assist the Trust with the Trust’s anti-money laundering (“AML”) responsibilities under the U.S. Bank Secrecy Act, as amended including by the USA PATRIOT Act, and other applicable AML laws and regulations (together, “Applicable AML Law”), the Transfer Agent shall provide certain risk-based activity monitoring tools and procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; (ii) assist in the verification of persons opening accounts with the Trust (the “AML Procedures”); and (iii) screening of persons opening accounts for potential matches to sanction-related lists promulgated by the United States, the European Union, and the United Nations for potential matches. The AML Procedures and related terms are set forth in a Supplement to this Agreement attached hereto as Schedule 1.5 (entitled “AML Delegation”) which may be changed from time to time subject to mutual written agreement between the parties.

Anti-Money Laundering and Client Screening. With respect to the Trust’s or any Portfolio’s offering and sale of Creation Units at any time, and for all subsequent transfers of such interests, the Trust or its delegate shall, to the extent applicable, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Shares and Creation Units and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to confirm ensure that each investor’s and any transferee’s funds used to purchase Creation Units or Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control (“OFAC”) database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records. In order to assist the Trust with the Trust’s anti-money laundering (“AML”) responsibilities under the U.S. Bank Secrecy Act, as amended amended, including by the USA PATRIOT Act, and other applicable AML laws and regulations (together, the “Applicable AML LawLaws”), the Transfer Agent shall provide certain risk-based activity monitoring tools and procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; (ii) assist in the verification of persons opening accounts with the Trust (the “AML Procedures”)Trust; and (iiiii) screening screen of persons opening accounts for potential matches to sanction-related lists promulgated by the United States, the European Union, and the United Nations for potential matches. The Notwithstanding the foregoing, in no event will the Transfer Agent be responsible for the Trust’s compliance with applicable anti-money laundering laws, rules and regulations, now or hereafter in effect, including the AML Procedures Laws and related terms are set forth in a Supplement to this Agreement attached hereto the regulations administered by OFAC, as Schedule 1.5 (entitled “AML Delegation”) which the same may be changed in effect from time to time subject to mutual written agreement between the partiestime.