Money Laundering and Funding of Terrorism. Customer acknowledges that transactions made on Customer’s behalf may be subject to federal and state laws and regulations governing transactions in currency and other monetary instruments relating to money laundering activities and the funding of terrorism and that such laws and regulations may impose severe criminal penalties on those who participate or assist in such activities or in structuring of such activities to avoid reporting requirements. Customer acknowledges that Bank may monitor transactions for compliance with such laws and regulations. Customer agrees that Customer will not initiate any Order which would violate, or result in a payment in violation of the federal and state laws or regulations, including, without limitation, the federal laws and regulations administered by bank regulatory agencies and OFAC relating to money laundering and the funding of terrorism.
Money Laundering and Funding of Terrorism. Company acknowledges that transactions made on Company’s behalf may be subject to Applicable Laws governing transactions in currency and other monetary instruments relating to money laundering activities and the funding of terrorism and that such laws and regulations may impose severe criminal penalties on those who participate or assist in such activities or in structuring of such activities to avoid reporting requirements. Company acknowledges that Bank may monitor transactions for compliance with such laws and regulations. Company agree that Company will not initiate any Order which would violate, or result in a payment in violation of the federal and state laws or regulations, including, without limitation, the federal laws and regulations administered by bank regulatory agencies and OFAC relating to money laundering and the funding of terrorism. Audit Upon request by Bank, Company hereby authorizes Bank to enter Company’s business premises for the purpose of ensuring that Company is in compliance with the Agreement and Company specifically authorizes Bank to perform an audit of Company’s operational controls, risk management practices, staffing and the need for training and ongoing support, and information technology infrastructure. Company thereby agrees that Bank shall have the right to mandate specific internal controls at Company’s location(s) and Company shall comply with any such mandate. In addition, Company hereby agrees to allow Bank to review available reports of independent audits performed at Company location related to information technology, the Agreement and any associated operational processes. Company agrees that if requested by Bank, Company will complete a self-assessment of Company’ operations, management, staff, systems, internal controls, training and risk management practices that would otherwise be reviewed by Bank in an audit of Company. If Company refuses to provide the requested financial information, or if Bank concludes, in its sole discretion, that the risk of Company is unacceptable, if Company refuses to give access to Company’s premises, Bank may immediately terminate the Agreement.
Money Laundering and Funding of Terrorism a) Customer acknowledges that transactions made on Customer’s behalf may be subject to federal and state laws and regulations governing transactions in currency and other monetary instruments relating to money laundering activities and the funding of terrorism and that such laws and regulations may impose severe criminal penalties on those who participate or assist in such activities or in structuring of such activities to avoid reporting requirements.
