EXHIBIT NO. EX-99.h.1.iv
AMENDMENT TO TRANSFER AGENT AGREEMENT
THIS AMENDMENT, dated as of July 24, 2002, modifies the Transfer Agent Agreement
by and between U.S. Bancorp Fund Services, LLC (the "Transfer Agent") and The
Rockland Funds Trust (the "Trust"), such Agreement being hereinafter referred to
as the "Agreement."
WHEREAS, Section 352 of the USA Patriot Act (the "Act") and the Interim Final
Rule (Section 103.130) adopted by the Department of the Treasury's Financial
Crimes Enforcement Network (the "Rule") require the Trust to develop and
implement an anti-money laundering program and monitor the operation of the
program and assess the effectiveness; and
WHEREAS, Section 326 of the Act, as proposed, requires the Trust to develop and
implement a Customer Identification Program ("CIP") as part of the Trust's
overall anti-money laundering program to ensure, among other things, that the
Trust obtains certain information from each of its customers and to be
reasonably sure it knows each of its customers; and
WHEREAS, in order to assist its transfer agent clients with their anti-money
laundering compliance responsibilities under the Act and the Rule, the Transfer
Agent has provided to the Trust for their consideration and approval written
procedures describing various tools designed to promote the detection and
reporting of potential money laundering activity by monitoring certain aspects
of shareholder activity (the "Monitoring Procedures") as well as written
procedures for verifying a customer's identity (the "Customer Identification
Procedures"), together referred to as the "Procedures"; and
WHEREAS, the Trust desires to implement the Procedures as part of their overall
anti-money laundering program and, subject to the terms of the Act and the Rule,
delegate to the Transfer Agent the day-to-day operation of the Procedures on
behalf of the Trust.
NOW THEREFORE, the parties agree, and the Agreement is hereby modified, as
follows:The Trust acknowledges that they have had an opportunity to review,
consider and comment upon the Procedures provided by the Transfer Agent and the
Trust has determined that the Procedures, as part of the Trust's overall anti-
money laundering program, are reasonably designed to prevent the Trust from
being used for money laundering or the financing of terrorist activities and to
achieve compliance with the applicable provision of the Bank Secrecy Act and the
implementing regulations thereunder.
Based on this determination, the Trust hereby instructs and directs the Transfer
Agent to implement the Procedures on the Trust's behalf, as such may be amended
or revised from time to time.
It is contemplated that these Procedures will be amended from time to time by
the parties as additional regulations are adopted and/or regulatory guidance is
provided relating to the Trust's anti-money laundering responsibilities.
The Transfer Agent agrees to provide to the Trust (a) prompt written
notification of any transaction or combination of transactions that the Transfer
Agent believes, based on the Procedures, evidence money laundering activity in
connection with the Trust or any shareholder of the Trust, (b) prompt written
notification of any customer(s) that the Transfer Agent reasonably believes,
based upon the Procedures, to be engaged in money laundering activity, provided
that the Trust agrees not to communicate this information to the customer, (c)
any reports received by the Transfer Agent from any government agency or
applicable industry self-regulatory organization pertaining to the Transfer
Agent's anti-money laundering monitoring on behalf of the Trust as provided in
this Amendment, (d) prompt written notification of any action taken in response
to anti-money laundering violations as described in (a), (b) or (c), and (e) an
annual report of its monitoring and customer identification activities on behalf
of the Trust. The Transfer Agent shall provide such other reports on the
monitoring and customer identification activities conducted at the direction of
the Trust as may be agreed to from time to time by the Transfer Agent and the
Trust.
The Trust hereby directs, and the Transfer Agent acknowledges, that the Transfer
Agent shall (a) permit federal regulators access to such information and records
maintained by the Transfer Agent and relating to the Transfer Agent's
implementation of the Procedures on behalf of the Trust, as they may request,
and (b) permit such federal regulators to inspect the Transfer Agent's
implementation of the Procedures on behalf of the Trust.
Fees and expenses (other than those already set forth in the Agreement) for
services to be provided by the Transfer Agent hereunder shall be set forth in a
fee schedule agreed upon by the Trust and the Transfer Agent from time to time.
A copy of the initial fee schedule is attached hereto as Exhibit A.
This Amendment constitutes the written instructions of the Trust pursuant to the
terms of the Agreement. Except to the extent supplemented hereby, the Agreement
shall remain in full force and effect.
IN WITNESS HEREOF, the undersigned have executed this Amendment as of the date
and year first above written.
/s/Xxxxxxx X. Xxxxxx /s/Xxxxxx X. Xxxxxxxxx
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The Rockland Funds Trust U.S. Bancorp Fund Services, LLC
By: /s/Xxxxxxx Xxxxx By:
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Authorized Officer Authorized Officer
ANTI-MONEY LAUNDERING FEE SCHEDULE
The fees associated with USBFS's assigned duties and responsibilities are
threefold: a base annual fee based on the number of shareholder accounts, a new
account fee, and out-of-pocket fees for required database searches on both new
and existing accounts. These fees are set forth below:
AML Base Service (excluding network level three accounts)
0-999 accounts - $500.00 per year
1,000-4,999 accounts - $1,000 per year
5,000-9,999 accounts - $2,500 per year
10,000 + accounts - $5,000 per year
AML New Account Service - $1.00 per new domestic account
$2.00 per new foreign account
Out-of-pocket expenses - at cost of database search engine used
- all other out-of-pocket expenses
