Remittance Entrustment Contract and Its Cancellation Sample Clauses

Remittance Entrustment Contract and Its Cancellation. (1) The Remittance Entrustment Contract (hereinafter referred to as the "Contract") shall be deemed to have been entered into when the Bank accepts the request for remittance and receives the Remittance Funds.
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Remittance Entrustment Contract and Its Cancellation. (3) Even after entering into the Contract pursuant to Paragraph (1) above, the Bank may cancel the Contract should the Bank recognize any of the following before it issues the payment order to the Banks Concerned. In the event of such occurrences, the Bank shall not be responsible for any losses or damages caused by cancellation. (i) The remittance is in violation of laws and regulations governing foreign exchange such as it becoming subject to an emergency suspension of transactions; (ii) A war, insurrection or freezing of assets or suspension of payments of the Banks Concerned occurs or threatens to occur; or (iii) Other reasonable grounds such as the possibility of the remittance being linked with crime or the remittance to be made to countries, regions, or beneficiaries to which the Bank deems inappropriate to send funds. (iii) The Bank shall deem the details stated in the Application for Remittance provided for in the preceding Subparagraph as the content of the request. (2) When receiving a request for remittance, the Bank is requested to ascertain certain matters in order to comply with laws and ordinances related to the prevention of money laundering and financing of terrorism, laws and ordinances related to economic sanctions, and laws and regulations governing foreign exchange. The applicant is, therefore, required to satisfy the following requirements: (i) The purpose for remittance and any other required information shall be stated in the Application for Remittance. (ii) The funds for remittance are to be debited from an account of the applicant identified by official documents. The Bank shall not handle any transactions requiring permission or such. (iii) When the Bank judge necessary, the applicant shall present or submit documents indicating the source of the funds and other documents related to the remittance to the Bank. 4.
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Remittance Entrustment Contract and Its Cancellation. (3) Even after entering into the Contract pursuant to Paragraph (1) above, the Bank may cancel the Contract should the Bank recognize any of the following before it issues the payment order to the Banks Concerned. In the event of such occurrences, the Bank shall not be responsible for any losses or damages caused by cancellation. (i) The remittance is used for money laundering or financing of terrorism, or in violation of laws and regulations governing economic sanctions or foreign exchange such as it becoming subject to an emergency suspension of transactions; (ii) A war, insurrection or freezing of assets or suspension of payments of the Banks Concerned occurs or threatens to occur; or (iii) Other reasonable grounds for the remittance being linked with crime or the remittance to be made to countries, regions, or beneficiaries to which the Bank deems it inappropriate to send funds, or for the remittance being judged by the Bank to be used for money laundering or financing of terrorism, or may breach laws and regulations governing economic sanctions or foreign exchange.
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