Common use of Anti-Money Laundering and Sanctions Clause in Contracts

Anti-Money Laundering and Sanctions. a. Anti-Money Laundering. Each party represents that it has established an Anti-Money Laundering (AML) Program that complies with all material aspects of the Bank Secrecy Act, as modified by the USA Patriot Act of 2001 and other applicable anti-money laundering laws and regulations. Each party agrees to take action to comply with any new or additional anti-money laundering regulations. General Agent must positively identify each applicant for any products distributed by Allianz by reviewing and validating unexpired identification documentation. A government issued photo identification card, such as a driver’s license, passport, or state issued photo identification card, is required. The name and photo on the identification must match the name and appearance of the applicant. If the information on the identification document does not match, General Agent or its Associated Person must inform the applicant that the application cannot be accepted. General Agent must retain this identification documentation for a period of not less than five (5) years from the date of the product application and make the information available to Allianz and/or Life Company upon request. A transaction must not be completed if the General Agent or its Associated Person believes it involves the proceeds from criminal activity, violates AML laws or regulations or is not in compliance with the General Agent’s policies and procedures and/or the AML policies and procedures of Allianz and Life Company.