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.
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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
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
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
Relevant legal definitions
Clauses
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
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