Exhibit (h)(10)
CUSTOMER IDENTIFICATION SERVICES AMENDMENT
This Customer Identification Services Amendment (this "AMENDMENT") amends,
as of the 1st day of October, 2003 (the "EFFECTIVE DATE"), the Transfer Agency
Agreement, dated as of April 1, 2000, between ABN AMRO Funds (f/k/a Alleghany
Funds) (the "COMPANY" or the "FUND") and PFPC Inc. ("PFPC") (the "AGREEMENT").
For valuable consideration, the receipt and sufficiency of which the
parties hereto hereby acknowledge, the Company and PFPC hereby agree as follows:
SECTION 1 (ADDITION OF CIP SERVICES SECTION TO THE AGREEMENT). As of the
Effective Date, the Agreement shall (without any further action by either of the
parties hereto) be amended by the addition of the following as Section 15 Q:
"15 Q. CIP SERVICES. To help the Fund comply with its Customer
Identification Program (which the Fund is required to have under
regulations issued under Section 326 of the USA PATRIOT Act) PFPC
will do the following:
(a) Implement procedures under which new accounts in the Fund are
not established unless PFPC has obtained the name, date of birth
(for natural persons only), address and government-issued
identification number (collectively, the "DATA ELEMENTS") for
each corresponding CUSTOMER (as defined in 31 CFR 103.131).
(b) Use collected Data Elements to attempt to reasonably verify the
identity of each new Customer promptly before or after each
corresponding new account is opened. Methods may consist of
non-documentary methods (for which PFPC may use unaffiliated
information vendors to assist with such verifications) and
documentary methods (as permitted by 31 CFR 103.131), and may
include procedures under which PFPC personnel perform enhanced
due diligence to verify the identities of Customers the
identities of whom were not successfully verified through the
first-level (which will typically be reliance on results
obtained from an information vendor) verification process(es).
(c) Record the Data Elements and maintain records relating to
verification of new Customers consistent with 31 CFR
103.131(b)(3).
(d) Regularly report to the Fund about measures taken under (a)-(c)
above.
(e) If PFPC provides services by which prospective Customers may
subscribe for shares in the Fund via the Internet or telephone,
work with the Fund to notify prospective Customers, consistent
with 31 CFR 103.(b)(5), about the Fund's CIP.
(f) Set forth on a separate fee schedule compensation amounts due
for these CIP Services.
Notwithstanding anything to the contrary, and without expanding
the scope of the express language above, PFPC need not collect
the Data Elements for (or verify) prospective customer (or
accounts) beyond the requirements of relevant regulation (for
example, PFPC will not verify customers opening accounts through
NSCC) and PFPC need not perform any task that need not be
performed for the fund to be in compliance with relevant
regulation.
The Fund hereby represents and warrants that each of the
portfolios serviced by PFPC, and each legal entity of which such
portfolio is a part, has, and will at all times during which
this Agreement is in effect maintain in place, a written
agreement with each such other portfolio and entity, under which
all such parties may rely upon the Customer Identification
Programs of any other with respect to prospective investors who
are then existing customers of such other. Given such
inter-company (or inter-fund) agreement(s), PFPC need not
perform steps (a)-(f) above with respect to any subscriber who
is then a customer of any other fund within the same "fund
family" as the Fund. To the extent PFPC Trust Company acts as
custodian for retirement account assets of the Fund's investors,
it may rely upon the CIP work that PFPC performs hereunder the
Fund".
SECTION 2 (GENERAL PROVISIONS). This Amendment contains the entire
understanding between the parties with respect to the services contemplated
hereby. Except as expressly set forth herein, the Agreement shall remain
unaffected hereby.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers, as of the day and year first above
written.
ABN AMRO FUNDS
[f/k/a Alleghany Funds]
By: /s/ Xxxx Xxxxxx
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Name: Xxxx Xxxxxx
Title: Vice President
PFPC INC.
By: /s/ Xxxxx X. Xxxxxx
---------------------------------
Name: Xxxxx X. Xxxxxx
Title: Sr. Vice President
