Common use of Correspondent Accounts Clause in Contracts

Correspondent Accounts. Transfer Agent shall establish procedures reasonably designed to prevent the opening of new correspondent accounts for foreign financial institutions, as defined in Section 312 of the Act and 31 CFR § 1010.610, in the Fund or at LMIS without first receiving the written (including fax or email) approval of a valid and complete application by the Transfer Agent. (1) Transfer Agent shall periodically monitor new accounts and notify the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate, if any account has been opened for a foreign financial institution and shall obtain further instruction from such officer as to such accounts. Every three years each foreign financial institution must re-certify their status as such. If Transfer Agent does not receive a response from the foreign financial institution within 30 days, Transfer Agent will notify the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate. (2) If the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate, directs Transfer Agent to open an account for a foreign financial institution, Transfer Agent shall conduct additional due diligence for the account in compliance with the requirements of 31 CFR § 1010.610. Transfer Agent shall determine a risk-ranking for the account pursuant to the procedures set forth below. (3) Transfer Agent shall conduct additional due diligence for the accounts described in (2) (above) in accordance with the following:

Correspondent Accounts. Transfer Agent shall establish procedures reasonably designed to prevent the opening of new correspondent accounts for foreign financial institutions, as defined in Section 312 of the Act and 31 CFR § 1010.6101010.610 (formerly contained in 31 CFR § 103.175), in the Fund or at LMIS without first receiving the written (including fax or email) approval of a valid and complete application by the Transfer Agent. (1) Transfer Agent shall periodically monitor new accounts and notify the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate, if any account has been opened for a foreign financial institution and shall obtain further instruction from such officer as to such accounts. Every three years each foreign financial institution must re-certify their status as such. If Transfer Agent does not receive a response from the foreign financial institution within 30 days, Transfer Agent will notify the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate. (2) If the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate, directs Transfer Agent to open an account for a foreign financial institution, Transfer Agent shall conduct additional due diligence for the account in compliance with the requirements of 31 CFR § 1010.6101010.610 (formerly contained in 31 CFR § 103.176). Transfer Agent shall determine a risk-ranking for the account pursuant to the procedures set forth below. (3) Transfer Agent shall conduct additional due diligence for the accounts described in (2) (above) in accordance with the following: