Common use of Suspicious Activity Report AML Services Clause in Contracts

Suspicious Activity Report AML Services. (1) Each GE Party hereby engages USBFS as its agent to make the determinations of and to prepare and file suspicious activity report (“SAR”) filings on behalf of the GE Party as described herein. USBFS will use reasonable efforts to (i) determine in coordination with the GE Party’s AML Compliance Officer when a Form SAR should be filed as required by applicable regulations, (ii) prepare and file the Form SAR as agent for the GE Party and, maintain documents supporting the SAR, (iii) if appropriate under regulatory guidance and procedures file a Joint SAR as agent for the GE Party and any other designated financial institutions and (iv) provide the GE Party with a copy of the Form SAR within a reasonable time after filing. Although USBFS may file a joint SAR for the GE Party and other financial institutions, USBFS shall do so solely as agent for the GE Party, and not as agent for any other financial institution. To the extent permitted by applicable law or regulation, USBFS may share information related to the Services hereunder with its supervising parent entities and financial institutions subject to a joint SAR filing.