Common use of The AML Program Clause in Contracts

The AML Program. 1. Correspondent shall develop, implement and enforce written AML policies and procedures (the “AML Program”), reasonably designed to ensure compliance with the requirements of the Applicable Laws and Rules relating to AML, including, without limitation, the Bank Secrecy Act, the Patriot Act, the regulations promulgated thereunder, and the statutes, rules and regulations administered by OFAC. The AML Program shall cover, among other things, (i) the identification and verification of prospective Accounts (Patriot Act, § 326), (ii) the identification of the source(s) of funds and securities in prospective Accounts, (iii) the identification, monitoring and reporting of suspicious activities, (iv) responses to requests for documents and information from law enforcement authorities, (v) prohibitions on the opening, maintaining, administering or managing of accounts on behalf of prohibited entities (such as, for example, foreign “shell banks”), and (vi) special due diligence procedures for Accounts involving non-U.S. persons (such as, for example, Accounts held directly or indirectly by foreign banks). The AML Program shall be developed, implemented and enforced by a qualified compliance officer designated by Correspondent for such purposes. The AML Program shall be reviewed and approved in writing by a member of senior management of Correspondent. Notwithstanding the foregoing, Ridge reserves the absolute right, without prior notice to Correspondent or to the Customer, to freeze or block assets in any Account, or terminate any Account which, in the sole discretion of Ridge acting in good faith, may violate or may cause a violation of the Bank Secrecy Act, the Patriot Act, or any other AML provision, or statute, rule or regulation administered by OFAC. Correspondent shall certify annually to Ridge that it is in compliance with this Section III.E. and that has implemented and enforced the AML Program. 2. Ridge acknowledges the following AML obligations under Applicable Laws and Rules:

The AML Program. 1. Correspondent shall develop, implement and enforce written AML policies and procedures (the “AML Program”), reasonably designed to ensure compliance with the requirements of the Applicable Laws and Rules relating to AML, including, without limitation, the Bank Secrecy Act, the Patriot Act, the regulations promulgated thereunder, and the statutes, rules and regulations administered by OFAC. The AML Program shall cover, among other things, (i) the identification and verification of prospective Accounts (Patriot Act, § 326), (ii) the identification of the source(s) of funds and securities in prospective Accounts, (iii) the identification, monitoring and reporting of suspicious activities, (iv) responses to requests for documents and information from law enforcement authorities, (v) prohibitions on the opening, maintaining, administering or managing of accounts on behalf of prohibited entities (such as, for example, foreign “shell banks”), and (vi) special due diligence procedures for Accounts involving non-U.S. persons (such as, for example, Accounts held directly or indirectly by foreign banks). The AML Program shall be developed, implemented and enforced by a qualified compliance officer designated by Correspondent for such purposes. The AML Program shall be reviewed and approved in writing by a member of senior management of Correspondent. Notwithstanding the foregoing, Ridge reserves the absolute right, without prior notice to Correspondent or to the Customer, to freeze or block assets in any Account, or terminate any Account which, in the sole discretion of Ridge acting in good faithRidge, may violate or may cause a violation of the Bank Secrecy Act, the Patriot Act, or any other AML provision, or statute, rule or regulation administered by OFAC. Correspondent shall certify annually to Ridge that it is in compliance with this Section III.E. and that has implemented and enforced the AML Program. 2. Ridge acknowledges the following AML obligations under Applicable Laws and Rules: