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Money Transfer Contract

Money Transfer Contract Template for Nigeria

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Key Requirements PROMPT example:

Money Transfer Contract

"I need a Money Transfer Contract for my Nigerian fintech company to facilitate recurring international transfers between our corporate clients and their overseas suppliers, with a maximum transfer limit of $500,000 per transaction and enhanced compliance measures for high-value transfers."

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Document background
The Money Transfer Contract is a critical legal instrument used in Nigerian financial transactions to facilitate secure and compliant transfer of funds between parties. It is essential for businesses and individuals engaging in significant financial transactions within Nigeria or cross-border transfers. The document ensures compliance with Nigerian financial regulations, including the Central Bank of Nigeria Act 2007, Money Laundering (Prohibition) Act, and BOFIA 2020. This contract type is particularly relevant in today's digital banking environment, where businesses need robust legal frameworks for both traditional and electronic money transfers. It includes necessary provisions for KYC requirements, anti-money laundering compliance, transaction limits, and security protocols, while also addressing liability and risk allocation between parties involved in the transfer process.
Suggested Sections

1. Parties: Identification of the transferor, transferee, and any financial institutions involved

2. Background: Context of the transfer agreement and relationship between parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Transfer Details: Specific details of the money transfer including amount, currency, and timing

5. Service Fees: Details of all applicable fees, charges, and exchange rates

6. Payment Terms: Terms and conditions for executing the transfer

7. Compliance Requirements: AML/CFT obligations and regulatory compliance requirements

8. Representations and Warranties: Statements of fact and assurances from both parties

9. Rights and Obligations: Detailed responsibilities of each party

10. Liability and Indemnification: Allocation of risks and responsibilities for losses

11. Confidentiality: Protection of confidential information and data privacy

12. Term and Termination: Duration of agreement and termination provisions

13. Dispute Resolution: Procedures for handling disputes

14. Governing Law: Specification of Nigerian law as governing law

15. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment

Optional Sections

1. International Transfer Provisions: Additional provisions for international transfers, including forex regulations

2. Recurring Transfer Terms: Specific terms for recurring or scheduled transfers

3. Digital Banking Provisions: Terms specific to digital or electronic transfer methods

4. Agent Authorization: Required when transfers are conducted through authorized agents

5. Special Instructions: Any special handling or routing instructions

6. Force Majeure: Provisions for unforeseen circumstances affecting transfer execution

7. Security Procedures: Additional security measures for high-value transfers

Suggested Schedules

1. Schedule A - Transfer Details: Detailed breakdown of transfer amount, timing, and recipient details

2. Schedule B - Fee Schedule: Comprehensive list of all applicable fees and charges

3. Schedule C - Compliance Documentation: Required KYC and compliance documents

4. Schedule D - Security Procedures: Detailed security protocols and verification procedures

5. Schedule E - Service Level Agreement: Performance standards and timing commitments

6. Appendix 1 - Required Forms: Standard forms required for transfer execution

7. Appendix 2 - Contact Information: List of key contacts and escalation procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































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Relevant Industries

Banking and Financial Services

Financial Technology

International Trade

Retail

E-commerce

Real Estate

Professional Services

Manufacturing

Import/Export

Telecommunications

Oil and Gas

Construction

Agriculture

Relevant Teams

Legal

Finance

Compliance

Treasury

Risk Management

Operations

Corporate Banking

International Banking

Payment Operations

Customer Service

Account Management

Relevant Roles

Chief Financial Officer

Finance Manager

Compliance Officer

Legal Counsel

Treasury Manager

Financial Controller

Banking Operations Manager

Risk Manager

Account Manager

Transaction Banking Officer

Corporate Banking Officer

Financial Services Director

Payment Operations Manager

International Banking Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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