AMLO definition
Examples of AMLO in a sentence
It shall compensate the AMLO fairly, subject to the Board’s right under any applicable regulations (e.g., Rule 38a-1 under the Investment Company Act) to approve the designation, termination and level of compensation of the AMLO.
If NLCS wishes to dismiss the AMLO under the terms of NLCS’s arrangement with such person, or if such person resigns from NLCS, NLCS will present its plan of action to the Board prior to taking such action.
Additionally, and without limiting each Company’s indemnification obligations under this Section 9(A), to the extent that the Chief Compliance Officer or AMLO incur any liability in connection with the performance of their duties under this Agreement, they shall be covered under the Directors and Officers Errors and Omissions insurance policy of each Company, in accordance with the terms therein and the deductibles applicable to such policy shall be paid by each Company.
Each Company shall cause the Chief Compliance Officer and the AMLO to be named as officers in each Company’s corporate resolutions such that the Chief Compliance Officer and AMLO are each subject to the provisions of each Company’s organizational documents and bylaws (collectively, as amended from time to time, “Organizational Documents”) regarding indemnification of its officers.
Notwithstanding the indemnification provisions of the Agreement, to the extent that the AMLO incurs any liability in connection with the performance of the services set forth in this Schedule C (or any omission with respect thereto), he or she will be covered under the Directors and Officers Errors and Omissions insurance policy of each Company, in accordance with the terms therein and all deductibles applicable to such policy shall be covered by each Company.
NLCS shall make no representation as an agent of a Company, except that the Chief Compliance Officer and AMLO shall each act as an appointed officer of each Company and each shall be empowered with full responsibility and authority to develop and enforce appropriate policies and procedures for each Company.
If the Board dismisses the AMLO, NLCS may present alternative AMLO candidate(s) for Board consideration and approval to continue the services set forth in this Schedule C.
The Board retains the right and authority to remove the AMLO designated by NLCS at any time, with or without cause, without payment of any penalty.
Promptly following execution of this Agreement, the Chief Compliance Officer and AMLO shall be named as an insured persons under all such policies and bonds as officers of each Company, such coverage to be effective from the later of the Effective Date of this Agreement or their respective appointments as officers of each Company.
The AMLO will have overall responsibility for administering and overseeing compliance with each Company’s anti-money laundering (“AML”) program.