SARLAFT Sample Clauses
The SARLAFT clause establishes requirements for the implementation of a risk management system for the prevention of money laundering and terrorist financing. In practice, this clause obligates parties to adopt internal controls, due diligence procedures, and reporting mechanisms to identify and mitigate risks associated with illicit financial activities. By mandating these measures, the clause ensures compliance with legal and regulatory standards, thereby protecting both parties from potential legal liabilities and reputational harm.
POPULAR SAMPLE Copied 4 times
SARLAFT. CorpBanca Colombia and each of its Subsidiaries has established a comprehensive anti-money laundering program (Sistema de Administración del Riesgo ▇▇ ▇▇▇▇▇▇ de Activos y Financiación del Terrorismo or “Sarlaft”) that complies with applicable Law.
SARLAFT. Itaú Colombia and each of its Subsidiaries has established a comprehensive anti-money laundering program (Sistema de Administración del Riesgo ▇▇ ▇▇▇▇▇▇ de Activos y Financiación del Terrorismo or “Sarlaft”) that complies with applicable Law.
SARLAFT. THE LESSEE undertakes to implement measures to prevent its operations from being used, with or without its knowledge, as instruments for the concealment, handling, investment, or exploitation in any way of money or other assets derived from criminal activities or to give the appearance of legality to these activities.