Common use of Laundering Services Clause in Contracts

Laundering Services. MSSCI agrees to comply with all aspects of anti-money laundering laws and regulations to the extent applicable to MSSCI under applicable laws in connection with services hereunder, including any such applicable aspects the Bank Secrecy Act, as amended by the USA PATRIOT Act, and implementing regulations of the Bank Secrecy Act and applicable guidance issued by the SEC and the guidance and rules of the applicable Exchanges, SROs and FINRA. The Fund is responsible for its compliance with anti-money laundering regulations and guidance applicable to it. MSSCI will assist the Fund in meeting its obligations by carrying out the services set forth below (the “Delegated Duties”). For purposes of the Delegated Duties, it will be assumed that the Fund is a financial institution subject to U.S. anti-money laundering laws (“AML Laws”). The Fund will adopt anti-money laundering operational guidelines (the “AML Program”) and MSSCI agrees to perform the Delegated Duties in accordance with the AML Program, provided the AML Program and any material amendments thereto be submitted to MSSCI for its review and consent. The following services are hereby delegated to MSSCI: MSSCI shall perform the AML Services for the Fund’s prospective shareholders and will determine whether the customer appears on the publicly available lists published by the U.S. government of terrorist organizations and blocked persons. MSSCI will monitor, identify and report suspicious activities that are required to be so identified and reported to the Fund’s AML Compliance Officer, consistent with the AML Program and as set forth on the attached schedule. MSSCI will place holds on transactions in shareholder accounts or freeze assets in shareholder accounts, in accordance with AML Program and create documentation to provide a basis for law enforcement authorities to trace illicit funds. MSSCI will maintain, in accordance with the AML Program, all records or other documentation related to shareholder accounts and transactions therein that are required by law and pursuant to the AML Program to be prepared and maintained by MSSCI for the requisite period. MSSCI will make all such records and documentation available for inspection by (i) the Fund’s AML Compliance Officer, (ii) any auditor of the Fund’s AML Program or related procedures, policies or controls that have been designated by the Fund in writing, or (iii) regulatory or law enforcement authorities, (vi) where appropriate, the Directors and Officers of the Fund, and (vi) otherwise make said records or other documents available at the direction of the Fund’s designated AML Compliance Officer. MSSCI will also make available, upon the reasonable request of the Fund, evidence or information which the Fund may be reasonably require to satisfy itself and the appropriate regulatory authorities of MSSCI’s compliance with the aspects of the Fund’s AML Program delegated to it hereunder.