Common use of Identity Check Clause in Contracts

Identity Check. 4.1. In accordance with applicable legislation, including the Act on Prevention of Money Laundering and Financing of Terrorism (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft), KIT is required to establish the identity of The Other Party and to report unusual transactions to the relevant authority under specified circumstances. By engaging in activities with the aim to formalize contractual agreement, The Other Party confirms that they are aware of activities regarding the investigation into their identity, and where necessary, grants its permission to do so. KIT, reserves the right to dissolve agreements that are (suspected) incompliant with applicable legislation, including the Act on Prevention of Money Laundering and Financing of Terrorism.