Exhibit (h)(1)(b)
ANTI-MONEY LAUNDERING AMENDMENT
This ANTI-MONEY LAUNDERING AMENDMENT (this "AMENDMENT") amends as of
the 24th day of July, 2002 (the "EFFECTIVE DATE"), the Transfer Agency Services
Agreement, dated as of July 1, 1996, as subsequently amended, between Xxxxxx
Insight Funds Trust (the "Company") and Xxxxxx Trust and Savings Bank ("Xxxxxx")
(the "AGREEMENT").
For valuable consideration the receipt and sufficiency of which the
parties hereto hereby acknowledge, the Company and Xxxxxx hereby agree that, as
of the Effective Date, the Agreement shall (without any further action by either
of the parities hereto) be amended as follows:
1. ANTI-MONEY LAUNDERING. As of the Effective Date, the Agreement is
amended by adding the following new provision:
"Anti-Money Laundering ("AML"). Subject to the terms and conditions of
the agreement, Xxxxxx shall perform those actions reasonably necessary
to help the Company comply with Section 352 of the USA PATRIOT Act
("Act") and the regulations promulgated thereunder. In this regard,
Xxxxxx shall, as to any sub-transfer agent retained pursuant to Xxxxxx'
authority to appoint such sub-transfer agents: (a) determine that the
sub-transfer agent has established and implemented written internal
policies, procedures and controls reasonably designed to detect and
help prevent the Company from being used to launder money or finance
terrorist activities; (b) require that the sub-transfer agent provide
for independent testing for compliance with the AML policies and
procedures established pursuant to preceding clause (a), (i) by an
employee who is not responsible for the operation of said sub-transfer
agent's AML program or (ii) by an outside party; (c) ascertain that the
sub-transfer agent has designated a person or persons responsible for
implementing and monitoring the operation and internal controls of the
sub-transfer agent's AML program; and (d) determine that the
sub-transfer agent has provided for ongoing training of its personnel
relating to the prevention of money-laundering activities. Xxxxxx will
provide quarterly statistical summary reports of its AML monitoring of
sub-transfer agents on behalf of the Company (the first such report
being due not before the six-month anniversary hereof).
As a financial institution subject to the Act, Xxxxxx and its
affiliates have developed their own AML program, policies, and
procedures in conformity therewith. Upon the reasonable request of the
Company, Xxxxxx shall provide to the Company a copy of Xxxxxx' written
AML policies and procedures, including requirements for and results of
independent testing for compliance, a summary of AML training for
appropriate personnel, and certification by an officer of Xxxxxx
regarding Xxxxxx' AML program, the name of its designated compliance
officer, a description of the audit process, a description of the
employee training program (all of which may be taken from Xxxxxx' most
current standard materials). It is understood that such information is
confidential and is to be so treated and afforded all protections
provided to confidential information under this agreement.
Xxxxxx agrees to permit inspections relating to its AML program by the
Xxxxxx Insight Funds Trust's AML Compliance Officer and by U.S. Federal
departments or regulatory agencies with appropriate jurisdiction and to
make available to examiners from such departments or regulatory
agencies such information and records relating to its AML program as
such examiners shall reasonably request. The parties acknowledge the
provisions of this paragraph do not cover Section 326 or any other
section (other than Section 352) of the USA PATRIOT Act (or the
regulations promulgated thereunder)."
2. GENERAL. 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.
XXXXXX INSIGHT FUNDS TRUST
By: /s/ Xxxxxxx X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
Title: Vice President
XXXXXX TRUST AND SAVINGS BANK
By: /s/ Xxxxx X. Xxxxxxxx
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Name: Xxxxx X. Xxxxxxxx
Title: Senior Vice President
