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 § 103.175, in the Fund or at LMIS without first receiving the written (including fax or email) approval of the Fund’s AML Officer or LMIS’ chief compliance officer, as appropriate. (1) Transfer Agent shall periodically monitor new accounts and notify the Fund’s AML Officer if any account has been opened for a foreign financial institution and shall obtain further instruction for the Fund’s AML Officer as to such accounts. (2) If the Fund’s AML Officer 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 § 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:

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 § 103.175, in the Fund or at LMIS Royce Fund Services without first receiving the written (including fax or email) approval of the Fund’s AML Officer or LMISRoyce Fund Services’ chief compliance officer, as appropriate. (1) Transfer Agent shall periodically monitor new accounts and notify the Fund’s AML Officer if any account has been opened for a foreign financial institution and shall obtain further instruction for the Fund’s AML Officer as to such accounts. (2) If the Fund’s AML Officer 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 § 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: