The Money Transfer Contract is essential for businesses and financial institutions operating in Belgium that need to establish formal arrangements for transferring funds. This document is specifically designed to comply with Belgian financial regulations and EU directives, including the Law of 11 March 2018 on payment institutions and the Anti-Money Laundering Law of 18 September 2017. It's typically used when establishing ongoing money transfer services between financial institutions and their clients, or between payment service providers and corporate customers. The contract covers crucial elements such as transfer procedures, fee structures, security protocols, compliance requirements, and liability allocation. It's particularly important for cross-border transactions and must incorporate both Belgian-specific requirements and EU-wide regulations such as PSD2 and GDPR.
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1. Parties: Identification of the money transfer service provider and the client, including registration numbers and addresses
2. Background: Context of the agreement and general purpose of the money transfer service
3. Definitions: Key terms used throughout the agreement including 'Transfer Service', 'Transaction', 'Service Fee', etc.
4. Service Description: Detailed description of the money transfer service, including transfer methods and geographical scope
5. Fee Structure: Breakdown of all fees, charges, and exchange rate calculations
6. Transaction Process: Step-by-step process for initiating and completing transfers, including verification requirements
7. Security Measures: Security protocols and verification procedures for transfers
8. AML and KYC Requirements: Anti-money laundering and Know Your Customer obligations of both parties
9. Data Protection: GDPR compliance measures and data handling procedures
10. Representations and Warranties: Standard declarations by both parties regarding their capacity and compliance
11. Liability and Indemnification: Allocation of risks and responsibilities between parties
12. Term and Termination: Duration of agreement and circumstances for termination
13. Governing Law and Jurisdiction: Confirmation of Belgian law application and dispute resolution procedures
1. Agency Provisions: Required when transfers are conducted through agents or third-party service providers
2. Corporate Guarantees: Needed when one party requires parent company or group guarantees
3. Special Exchange Rate Provisions: For contracts involving specific currency conversion arrangements
4. Volume Commitments: When the agreement includes minimum transfer volumes or special volume-based pricing
5. Integration Services: When technical integration with client systems is required
6. Sanctions Compliance: Detailed sanctions compliance procedures for high-risk transfers or parties
7. Insurance Requirements: Specific insurance obligations beyond standard coverage
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
2. Schedule 2 - Service Level Agreement: Specific performance metrics and service standards
3. Schedule 3 - Security Protocols: Detailed security procedures and requirements
4. Schedule 4 - Authorized Persons: List of authorized representatives for both parties
5. Schedule 5 - Compliance Documentation: Required AML/KYC documentation and procedures
6. Appendix A - Technical Requirements: Technical specifications for transfer systems and interfaces
7. Appendix B - Transfer Territories: List of countries/regions where transfers are permitted
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
International Trade
E-commerce
Retail
Technology
Professional Services
Manufacturing
Telecommunications
Import/Export
Hospitality
Education
Relevant Teams
Legal
Finance
Compliance
Treasury
Risk Management
Operations
International Banking
Regulatory Affairs
Payment Operations
Corporate Finance
Relevant Roles
Chief Financial Officer
Treasury Manager
Compliance Officer
Legal Counsel
Financial Controller
Risk Manager
Operations Manager
Payment Services Director
Finance Director
Corporate Treasurer
Banking Relationship Manager
Financial Services Manager
Regulatory Compliance Manager
International Business Manager
Finance Operations Manager
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