Common use of Sanctions Program Clause in Contracts

Sanctions Program. The Authorized Participant represents, covenants and warrants solely to the Sponsor, on behalf of itself and its Designee, that each of the Authorized Participant and its Designee has established and presently maintains: (1) policies, procedures and controls designed to comply with applicable anti-money laundering laws; and (2) a sanctions program (the “Sanctions Program”) reasonably designed to prevent it from engaging in activities, financial transactions or other illicit purposes for or on behalf of individuals or entities in line with applicable sanctions laws and regulations, and it shall comply with the Sanctions Program and all applicable sanctions laws, regulations and rules now or hereafter in effect. The Authorized Participant acknowledges that the Digital Asset Custodian and the Cash Custodian may reject any deposit property which is subject to applicable sanctions and anti-money laundering laws. The Authorized Participant represents, on behalf of itself and its Designee, that the Authorized Participant and its Designee will not cause the Fund to hold any XRP or other Digital Asset that originates from a financial crime or that is being or has been used to facilitate the violation of any sanctions or anti-money laundering laws.

Sanctions Program. The Authorized Participant represents, covenants and warrants solely to the Sponsor, on behalf of itself and its Designee, that each of the Authorized Participant and its Designee has established and presently maintains: (1) policies, procedures and controls designed to comply with applicable anti-money laundering laws; and (2) a sanctions program (the “Sanctions Program”) reasonably designed to prevent it from engaging in activities, financial transactions or other illicit purposes for or on behalf of individuals or entities in line with applicable sanctions laws and regulations, and it shall comply with the Sanctions Program and all applicable sanctions laws, regulations and rules now or hereafter in effect. The Authorized Participant acknowledges that the Digital Asset Custodian and the Cash Custodian may reject any deposit property which is subject to applicable sanctions and anti-money laundering laws. The Authorized Participant represents, on behalf of itself and its Designee, that the Authorized Participant and its Designee will not cause the Fund to hold any XRP Solana or other Digital Asset that originates from a financial crime or that is being or has been used to facilitate the violation of any sanctions or anti-money laundering laws.