Customer Identification Program Services Clause Samples
The Customer Identification Program Services clause outlines the procedures and responsibilities for verifying the identity of customers as required by applicable laws and regulations, such as anti-money laundering rules. Typically, this clause specifies the types of information that must be collected from customers, the methods for verifying that information, and the recordkeeping requirements for compliance purposes. Its core practical function is to ensure that the parties involved adhere to legal standards for customer due diligence, thereby reducing the risk of fraud and supporting regulatory compliance.
Customer Identification Program Services. In order to assist the GE Parties comply with their Customer Identification Program (“CIP”) requirements under Section 326 of the USA PATRIOT Act, USBFS shall perform the following:
(i) Implement procedures under which new accounts for the Companies, Funds and GE Stock ▇▇▇ Accounts are not established unless USBFS has obtained the name, date of birth (for natural persons only), address and government-issued identification number (collectively, the “Data Elements”) for each corresponding Customer (as defined in 31 CFR 103.131);
(ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods may consist of non-documentary methods (for which USBFS may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 103.131), and may include procedures under which USBFS personnel perform enhanced due diligence to verify the identities of Customers, the identities of whom were not successfully verified through the first-level (which will typically be in reliance on results obtained from an information vendor) verification process(es);
(iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 1 03.131(b)(3);
(iv) Regularly report to the GE Parties about measures taken under (i)-(iii) above; and
(v) If USBFS provides services by which prospective Customers may subscribe for Shares via the internet or telephone, work with the GE Parties to notify prospective Customers, consistent with 31 CFR 103.(b)(5), about the GE Parties’ CIP. Notwithstanding anything to the contrary, and without expanding the scope of the express language above, USBFS need not collect the Data Elements for (or verify) prospective customer (or accounts) beyond the requirements of relevant regulation (for example, USBFS will not verify customers opening accounts through NSCC or customers exchanging shares by redeeming shares from one Fund and using the proceeds to purchase shares of another Fund) and USBFS need not perform any task that need not be performed for the Companies, Funds and the GE Stock ▇▇▇ Accounts to be in compliance with relevant regulation.
Customer Identification Program Services. (a) To help the Fund comply with its Customer Identification Program (which the Fund is required to have under regulations issued under Section 326 of the USA PATRIOT Act) PFPC will do the following:
(i) Implement procedures under which new accounts in the Portfolios are not established unless PFPC has obtained the name, date of birth (for natural persons only), address and taxpayer identification number (for United States persons) or taxpayer identification number, passport number and country of issuance, alien identification card number and country of issuance or any other government-issued document evidencing nationality or residence (collectively, the “Data Elements”) for each corresponding “Customer” (as defined in 31 CFR 103.131).
(ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which PFPC may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 103.131), and may include procedures under which PFPC personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first-level (which will typically be reliance on results obtained from an information vendor) verification process(es).
(iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 103.131(b)(3).
(iv) Determine whether any Customer’s name appears on a list of known or suspected terrorists or terrorist organizations designated by the Department of the Treasury, if any, consistent with 31 CFR 103.131(b)(4).
(v) Regularly report to the Fund about measures taken under (i)-(iv) above.
(vi) If PFPC provides services by which prospective Customers may subscribe for shares in the Fund via the Internet or telephone, work with the Fund to notify prospective Customers, consistent with 31 CFR 103.131(b)(5), about the Fund’s Customer Identification Program.
(vii) Annually, or upon the Fund’s reasonable request, certify that PFPC continues to implement its duties set forth under this Section 23(a).
(b) Notwithstanding anything in this Agreement or otherwise to the contrary, and without expanding the scope of the express language set forth above in Section 23(a), PFPC need not collect the Data Elements for (or verify) prospect...
Customer Identification Program Services. To help the Fund comply with its CIP (which the Fund is required to have under regulations issued under Section 326 of the USA PATRIOT Act) PFPC will do the following:
5.2.1 Implement procedures under which new accounts in the Fund are not established unless PFPC has obtained the Data Elements for each corresponding “Customer” (as defined in 31 CFR 103.131).
5.2.2 Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods may consist of non-documentary methods (for which PFPC may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 103.131), and may include procedures under which PFPC personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first-level (which will typically be reliance on results obtained from an information vendor) verification process(es).
5.2.3 Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 103.131(b)(3).