Document background
The Funds Transfer Agreement serves as a crucial legal framework for financial institutions operating in the United Arab Emirates to provide transfer services to their customers. This document is essential when establishing a formal relationship for executing domestic or international funds transfers, whether through traditional banking channels or electronic payment systems. The agreement must comply with UAE Federal Law No. 14 of 2018 and related Central Bank regulations, including anti-money laundering requirements, consumer protection provisions, and electronic transaction laws. It's particularly relevant in the UAE's position as a global financial hub, addressing both conventional and Islamic banking needs, and includes comprehensive provisions for security procedures, authorization protocols, and regulatory compliance measures. The agreement is typically used when setting up new banking relationships or updating existing transfer service arrangements to reflect current regulatory requirements and technological capabilities.
