Common use of PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING Clause in Contracts

PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING. 7.1. The Client hereby acknowledges that it is aware of the fact that all attorneys and lawyers as professional advisers are obliged to abide by the applicable rules on prevention of money laundering and terrorism financing, that the Firm is obliged to inform the respective authorities of certain transactions performed in cash or that could involve money laundering, and that if it becomes necessary to make a money laundering disclosure while the Firm is acting for the Client, the Firm may not be able to inform the Client that a disclosure has been made or of the reasons for it. In order to comply with the law, the Firm must obtain from the Client evidence of the Client’s identity as soon as practicable. Thus, the Client must provide the Firm upon its request with documents on the basis of which the Firm would be able to verify the Client’s or the Client’s representative’s identity and address as well as other information, as required by law. The Client also acknowledges that the Firm may forward relevant information to credit institutions should credit institutions request such information to carry out anti money laundering and terrorism financing checks.