Common use of Anti-Money Laundering Procedures Clause in Contracts

Anti-Money Laundering Procedures. Client agrees to and acknowledges the following: a) Identity Verification. To help the government fight the funding of terrorism and money laundering activities, GMI is required to obtain, verify, and record information that identifies each person who opens an account with GMI. When Client opens an account, GMI is required to collect information such as the following: 1) client’s name; 2) date of birth; 3) permanent address; and 4) identification number. GMI may verify Client’s identifying information by performing a credit check or requiring Client to provide a government ID or other identifying documents. b) Monitoring. GMI may monitor the trading activity in accounts to investigate or identify Money Laundering. c) Prohibited banks. GMI is prohibited from conducting business with the following entities (“Section 311 entities”): Banco Delta Asia; VEF Banka; Commercial Bank of Syria; Syrian Lebanese Commercial Bank; Myanmar Mayflower Bank; Asia Wealth Bank; Any Burmese banking institution, including foreign branches; and any subsidiaries of the above entities. This means that the Client may not, directly or indirectly, deposit money into the GMI trading account from a Section 311 entity. Nor may the Client, directly or indirectly, withdraw money from the GMI trading account to any Section 311 entity. If we become aware that any Section 311 entity is associated with a Client’s GMI trading account, we will take appropriate steps to prevent such access, including, where necessary, terminating the account.