Common use of Regulatory Information Clause in Contracts

Regulatory Information. Any money held with the Bank will be subject to any applicable depositor protection scheme which exists for depositors in that location. The Bank maintains the highest possible professional standards in its dealings with clients and complies with, and expects its clients to comply with, all relevant laws including those relating to money laundering. The Client agrees and undertakes that it will not use the facilities and services requested of the Bank so as to contravene the law in force from time to time in the islands of Jersey or Guernsey or any other place governing the issue or transfer of or otherwise affecting the Client's assets or any part thereof, and the Client acknowledges that criminal conduct for the purposes of the Proceeds of Crime (Jersey) Law 1999 and the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999, as amended, can extend to matters relating to fiscal fraud. In particular, Jersey and Guernsey have certain statutory provisions in common with all regulated offshore jurisdictions which, in summary, make money laundering a criminal offence. Where the Bank knows or suspects that a client has engaged in criminal conduct, it may be obliged to report such knowledge or suspicion, and to disclose information relating to the Client (which would otherwise be confidential), to the appropriate authorities in Jersey or Guernsey without prior approval from, or the knowledge of the Client. The Client agrees and undertakes that if there are any changes in the intended use of structures and legal arrangements advised to the Bank at Account Opening the Client will advise the Bank of such changes in a timely manner. A copy of the Bank’s best execution policy is available on request by the Client.