Common use of Transaction Monitoring Clause in Contracts

Transaction Monitoring. Bank may, in its sole discretion, implement internal monitoring systems to evaluate Client transactions and the risk of possible fraudulent activity. Such transaction monitoring is part of Bank’s internal processing and is not a component of the Security Procedures, and Client agrees that the Security Procedures will be considered commercially reasonable regardless of whether they incorporate information from transaction monitoring. Client agrees that Bank may process Payment Orders and other instructions verified by the Security Procedures and Bank will be considered to have acted in good faith and in compliance with the Security Procedures, regardless of the results of transaction monitoring, including the detection of possible fraudulent activity; provided that Bank does not have actual knowledge that the transaction is unauthorized and a reasonable opportunity to act on that knowledge. However, Bank reserves the right to reject Payment Orders and other instructions verified by the Security Procedures in the event Bank identifies a risk of possible fraudulent activity and Bank shall not be responsible for its refusal to act upon any Payment Order or other instructions based upon the results of transaction monitoring.

Transaction Monitoring. Bank may, in its sole discretion, implement internal monitoring systems to evaluate Client transactions Customer Transactions and the risk of possible fraudulent activity. Such transaction Transaction monitoring is part of Bank’s internal processing and is not a component of the Security Procedures, and Client Customer agrees that the Security Procedures will be considered commercially reasonable regardless of whether they incorporate information from transaction Transaction monitoring. Client Customer agrees that Bank may process Payment Orders and other instructions Instructions verified by the Security Procedures and Bank will be considered to have acted in good faith and in compliance with the Security Procedures, regardless of the results of transaction Transaction monitoring, including the detection of possible fraudulent activity; provided that Bank does not have actual knowledge that the transaction Transaction is unauthorized and a reasonable opportunity to act on that knowledge. However, Bank reserves the right to reject Payment Orders and other instructions Instructions verified by the Security Procedures in the event Bank identifies a risk of possible fraudulent activity and Bank shall not be responsible for its refusal to act upon any Payment Order or other instructions Instructions based upon the results of transaction Transaction monitoring.