No Reliance on Global Agent’s Customer Identification Program Sample Clauses
The "No Reliance on Global Agent’s Customer Identification Program" clause establishes that one party cannot depend on the customer identification procedures performed by the global agent to satisfy its own legal or regulatory obligations. In practice, this means each party must independently verify the identity of its customers, regardless of any due diligence or checks already conducted by the global agent. This clause ensures that all parties remain individually responsible for compliance with anti-money laundering and know-your-customer regulations, thereby reducing the risk of regulatory breaches due to misplaced reliance on another party’s processes.
No Reliance on Global Agent’s Customer Identification Program. Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, Participants or assignees, may rely on the Global Agent to carry out such Lender’s, Affiliate’s, Participant’s or assignee’s customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with the Parent or any of its Subsidiaries, any of their respective Affiliates or agents, the Loan Documents or the transactions hereunder: (a) any identity verification procedures, (b) any record keeping, (c) any comparisons with government lists, (d) any customer notices or (e) any other procedures required under the CIP Regulations or such other laws.