The Funds Transfer Agreement is essential for businesses operating in Belgium that need to establish formal arrangements for the transfer of funds between parties. This document is particularly relevant in the context of Belgian financial services regulation, including compliance with the Payment Services Directive 2 (PSD2) as implemented in Belgian law, anti-money laundering requirements, and EU-wide data protection regulations. The agreement typically covers crucial aspects such as service scope, security protocols, compliance requirements, liability allocation, and operational procedures. It's commonly used when establishing relationships between financial institutions, payment service providers, and their clients, or when businesses need to formalize their payment processing arrangements. The document must align with both Belgian national law and applicable EU regulations, making it suitable for domestic and cross-border transactions within the EU framework.
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1. Parties: Identification of the parties to the agreement, including their legal status and contact details
2. Background: Context of the agreement and purpose of the fund transfer services
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Services: Detailed description of the fund transfer services to be provided
5. Service Requirements: Technical and operational requirements for the fund transfer service
6. Fees and Charges: Payment terms, fee structure, and charging mechanism
7. Compliance Requirements: AML, CTF, and other regulatory compliance obligations
8. Security Measures: Security protocols and requirements for fund transfers
9. Data Protection: GDPR compliance and data handling requirements
10. Representations and Warranties: Standard representations and warranties from both parties
11. Liability and Indemnification: Allocation of risks and responsibilities between parties
12. Term and Termination: Duration of agreement and termination provisions
13. Force Majeure: Circumstances excusing performance of obligations
14. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction
15. General Provisions: Standard boilerplate clauses including notices, amendments, etc.
1. Consumer Protection Provisions: Additional protections when providing services to consumers - include when agreement is B2C
2. International Transfers: Specific provisions for cross-border transfers - include when international transfers are part of scope
3. Currency Conversion: Rules and rates for currency conversion - include when multiple currencies are involved
4. Additional Services: Description of any value-added services - include when offering services beyond basic fund transfers
5. Service Level Agreement: Specific performance metrics and standards - include when service levels are critical
6. Business Continuity: Disaster recovery and business continuity requirements - include for high-volume or critical services
7. Audit Rights: Rights to audit compliance and operations - include for regulated entities or high-risk services
1. Schedule 1 - Service Description: Detailed technical specifications of the fund transfer service
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees and charges
3. Schedule 3 - Service Levels: Specific performance metrics and response times
4. Schedule 4 - Security Protocols: Detailed security requirements and procedures
5. Schedule 5 - Compliance Procedures: AML and KYC procedures and requirements
6. Schedule 6 - Contact Details: Key contacts and escalation procedures
7. Appendix A - Required Forms: Standard forms for service requests and authorizations
8. Appendix B - Technical Integration Guide: Technical specifications for system integration
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Payment Processing
E-commerce
Retail
Technology
Telecommunications
Insurance
Professional Services
Digital Services
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Operations
Payment Operations
Technology
Customer Service
Vendor Management
Relevant Roles
Chief Financial Officer
Head of Treasury
Compliance Officer
Legal Counsel
Payment Operations Manager
Financial Controller
Risk Manager
Payment Services Director
Treasury Analyst
Banking Relationship Manager
Payments Technology Manager
AML Compliance Manager
Finance Director
Operations Director
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