AML/CTF ACT Sample Clauses

AML/CTF ACT. The Company acknowledges that Acquirer is and will remain subject to supervision by AUSTRAC and the Networks regarding regulatory compliance with the Anti- Money Laundering and Counter-Terrorism Finance Act (2006) (AML/CTF Act).
Sample 1Sample 2
AutoNDA by SimpleDocs
AML/CTF ACT ban on entering into a relationship without client due diligence Pursuant to Article 5 AML/CTF Act, an institution is prohibited from entering into a business relationship or executing a transaction on behalf of a client unless client due diligence as referred to in Article 3 AML/CTF Act has been carried out and the desired outcome has been achieved. Where an institution cannot meet the requirement of client due diligence in respect of an existing business relationship, it should terminate that relationship.8 This is the case, for example, when the identity of the client is unknown. Institutions may not (or may no longer) provide services to that client.9 In situations where there are considerable risks, no business relationship may be entered into, the transaction may not be executed, or the existing relationship must be terminated (at the next reasonable opportunity). Significant risks exist where it is impossible for an institution to identify the client or the beneficial owner or where the client is a legal entity that is part of a structure of international companies that is difficult to understand. Failure of the client due diligence can occur both during the client acceptance phase and during the business relationship. 8 Until 1 January 2013, the obligation to terminate the business relationship was included in Article 5(1) AML/CTF Act. The obligation has been included in (2) as of that date.
Sample 1
AML/CTF ACT. With regard to the AML/CTF Act, this concerns a violation and/or non-compliance with the following articles:  Article 3 AML/CTF Act, which requires an institution to conduct client due diligence in order to prevent money laundering and the financing of terrorism;  Article 5 AML/CTF Act, which prohibits an institution from entering into a business relationship or carrying out a transaction if it has not conducted any or has not conducted a satisfactory client due diligence. Article 5 AML/CTF Act also requires an institution to terminate a business relationship with a client if the institution is unable to comply with the provisions of Article 3(1) and (2), preamble and (a), (b) and (c);  Article 8 AML/CTF Act, which requires an institution to conduct enhanced client due diligence in certain cases;  Article 16 AML/CTF Act, which requires an institution to report unusual transactions to the FIU within two weeks/immediately after the unusual nature of the transaction has become apparent. The NPPS is of the opinion that ING NL's violations of the abovementioned articles qualify as criminal offenses, pursuant to Article 2(1) of the Dutch Economic Offenses Act (Wet op de economische delicten). Furthermore, with reference to Article 6(1)(3) of the Dutch Economic Offenses Act, ING NL committed these offenses on a habitual basis.
Sample 1

Related to AML/CTF ACT

  • National Environmental Policy Act All subrecipients must comply with the requirements of the National Environmental Policy Act (NEPA) 42 U.S.C. 4321 et seq., and the Council on Environmental Quality (CEQ) Regulations (40 C.F.R. Parts 1500-1508) for Implementing the Procedural Provisions of NEPA, which requires Subrecipients to use all practicable means within their authority, and consistent with other essential considerations of national policy, to create and maintain conditions under which people and nature can exist in productive harmony and fulfill the social, economic, and other needs of present and future generations of Americans.

  • Section 504 of the Rehabilitation Act of 1973 The Contractor shall comply with section 504 of the Rehabilitation Act of 1973 (29 U.S.C. § 794), as amended, and any applicable regulations. The Contractor agrees that no qualified individual with handicaps shall, solely on the basis of handicap, be excluded from participation in, be denied the benefits of, or otherwise be subjected to discrimination under any program or activity that receives Federal financial assistance from HUD.

  • Trafficking Victims Protection Act of 2000 Subrecipient hereby acknowledges and agrees that it must comply with the requirements of the government-wide award term which implements Section 106(g) of the Trafficking Victims Protection Act (TVPA) of 2000, as amended (22 U.S.C. 7104). The award term is located at 2 C.F.R. Part 175.15, the full text of which is incorporated here by reference.

  • Health Insurance Portability and Accountability Act of 1996 (a) If the Contactor is a Business Associate under the requirements of the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), as noted in this Contract, the Contractor must comply with all terms and conditions of this Section of the Contract. If the Contractor is not a Business Associate under HIPAA, this Section of the Contract does not apply to the Contractor for this Contract.

  • Federal Funding Accountability and Transparency Act of 2006 Grantee certifies that it is in compliance with the terms and requirements of 31 USC 6101.

  • Health Insurance Portability and Accountability Act Grantee certifies that it is in compliance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA), Public Law Xx. 000-000, 00 XXX Parts 160, 162 and 164, and the Social Security Act, 42 USC 1320d-2 through 1320d-7, in that it may not use or disclose protected health information other than as permitted or required by law and agrees to use appropriate safeguards to prevent use or disclosure of the protected health information. Grantee shall maintain, for a minimum of six (6) years, all protected health information.

  • Executive Order Minimum Wage rate (1) The Recipient shall pay to workers, while performing in the United States, and performing on, or in connection with, this agreement, a minimum hourly wage rate of $10.10 per hour beginning January 1, 2015.

  • Anti-Deficiency Act The Department's obligations and responsibilities under the terms of the Contract and the Contract Documents are and shall remain subject to the provisions of (i) the federal Anti-Deficiency Act, 31 U.S.C. §§1341, 1342, 1349, 1350, 1351, (ii) the D.C. Code 47-105, (iii) the District of Columbia Anti-Deficiency Act, D.C. Code §§ 47- 355.01 - 355.08, as the foregoing statutes may be amended from time to time, and (iv) Section 446 of the District of Columbia Home Rule Act. Neither the Contract nor any of the Contract Documents shall constitute an indebtedness of the Department, nor shall it constitute an obligation for which the Department is obligated to levy or pledge any form of taxation, or for which the Department has levied or pledged any form of taxation. IN ACCORDANCE WITH § 446 OF THE HOME RULE ACT, D.C. CODE § 1-204.46, NO DISTRICT OF COLUMBIA OFFICIAL IS AUTHORIZED TO OBLIGATE OR EXPEND ANY AMOUNT UNDER THE CONTRACT OR CONTRACT DOCUMENTS UNLESS SUCH AMOUNT HAS BEEN APPROVED, IS LAWFULLY AVAILABLE AND APPROPRIATED BY ACT OF CONGRESS.

  • IRAN DIVESTMENT ACT By entering into this Agreement, Contractor certifies in accordance with State Finance Law §165-a that it is not on the “Entities Determined to be Non-Responsive Bidder/Offerer pursuant to the New York State Iran Divestment Act of 2012” (“Prohibited Entities List”) posted at: xxxx://xxx.xxx.xx.xxx/about/regs/docs/ListofEntities.pdf Finance Law §165-a) is in violation of the above- referenced certifications, the state agency will review such information and offer the person an opportunity to respond. If the person fails to demonstrate that it has ceased its engagement in the investment activity which is in violation of the Act within 90 days after the determination of such violation, then the state agency shall take such action as may be appropriate and provided for by law, rule, or contract, including, but not limited to, imposing sanctions, seeking compliance, recovering damages, or declaring the Contractor in default. The state agency reserves the right to reject any bid, request for assignment, renewal or extension for an entity that appears on the Prohibited Entities List prior to the award, assignment, renewal or extension of a contract, and to pursue a responsibility review with respect to any entity that is awarded a contract and appears on the Prohibited Entities list after contract award. Contractor further certifies that it will not utilize on this Contract any subcontractor that is identified on the Prohibited Entities List. Contractor agrees that should it seek to renew or extend this Contract, it must provide the same certification at the time the Contract is renewed or extended. Contractor also agrees that any proposed Assignee of this Contract will be required to certify that it is not on the Prohibited Entities List before the contract assignment will be approved by the State. During the term of the Contract, should the state agency receive information that a person (as defined in State GENERAL SPECIFICATIONS APPENDIX B APPENDIX B GENERAL SPECIFICATIONS GENERAL SPECIFICATIONS APPENDIX B TABLE OF CONTENTS GENERAL PAGE 1. Ethics Compliance 1 2. Definitions 1-2 BID SUBMISSION

  • Public Entity Crime Act PURCHASER represents that the execution of this Agreement will not violate the Public Entity Crime Act, Section 287.133, Florida Statutes, which essentially provides that a person or affiliate who is a contractor, consultant, or other provider and who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a bid on a contract to provide any goods or services to COUNTY, may not submit a bid on a contract with COUNTY for the construction or repair of a public building or public work, may not submit bids on leases of real property to COUNTY, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with COUNTY, and may not transact any business with COUNTY in excess of the threshold amount provided in Section 287.017, Florida Statutes, for category two purchases for a period of thirty-six (36) months from the date of being placed on the convicted vendor list. Violation of this section shall result in termination of this Agreement and recovery of all monies paid by COUNTY pursuant to this Agreement, and may result in debarment from COUNTY's competitive procurement activities. In addition to the foregoing, PURCHASER further represents that there has been no determination, based on an audit, that it committed an act defined by Section 287.133, Florida Statutes, as a "public entity crime," and that it has not been formally charged with committing an act defined as a "public entity crime" regardless of the amount of money involved or whether PURCHASER has been placed on the convicted vendor list.

Time is Money Join Law Insider Premium to draft better contracts faster.