Common use of Aspiration Policies and Procedures Clause in Contracts

Aspiration Policies and Procedures. (a) The Parties acknowledge and agree that the Aspiration Account Program is under the principal oversight and control of Aspiration. Aspiration shall develop and implement policies and procedures necessary to comply with all KYC, AML, and IDV rules and regulations applicable to the Aspiration Customer Account under Applicable Law and shall be responsible for compliance with all Applicable Law pertaining to KYC, AML and IDV in connection with the Aspiration Account Program and for maintaining appropriate record-keeping relating to the foregoing. Such policies and procedures, which shall be in effect prior to enrolling any Customers in an Aspiration Customer Account, are subject to prior review and approval by Coastal as set forth in Section 2.1. Any material changes to such policies or procedures must be approved in writing in advance by Coastal. If Coastal in its reasonable discretion determines that changes to such policies or procedures are necessary or advisable (including because such policies do not comply with any Applicable Law or the Risk Management Considerations), the Parties shall promptly modify such policies or procedures; provided, that Aspiration shall always retain sole authority regarding the supervision of Aspiration and its activities as a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of FINRA as required by Applicable Law.