Fund Release Form for United Arab Emirates

Fund Release Form Template for United Arab Emirates

A Fund Release Form under UAE jurisdiction is a formal financial document that authorizes and facilitates the release of funds from an account or financial holding. This document is structured in accordance with UAE Federal Laws, particularly UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and UAE Federal Law No. 20 of 2018 (Anti-Money Laundering Law). It includes comprehensive details about the parties involved, specific fund information, transfer instructions, and necessary compliance declarations. The document ensures secure and legally compliant fund transfers while meeting UAE Central Bank requirements and local banking regulations.

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What is a Fund Release Form?

The Fund Release Form is a critical financial document used in the United Arab Emirates when authorizing the transfer or release of funds from any financial account or holding. This document is essential for maintaining compliance with UAE banking regulations and ensuring proper documentation of financial transactions. It is commonly used in situations requiring formal fund transfers, whether for business operations, investment purposes, or other financial transactions. The form must comply with UAE Federal Laws, including anti-money laundering regulations and Central Bank requirements. It typically includes detailed information about the parties involved, specific fund details, transfer instructions, and necessary compliance declarations. The Fund Release Form serves as both an authorization instrument and an audit trail document, protecting the interests of all parties involved in the financial transaction.

What sections should be included in a Fund Release Form?

1. Party Details: Complete identification of the fund holder/requestor and the financial institution, including all relevant registration/license numbers

2. Fund Details: Specific information about the funds to be released, including account numbers, amount, and currency

3. Release Authorization: Clear statement of authorization for the release of funds, including the specific amount and intended recipient

4. Payment Instructions: Detailed instructions for the transfer, including beneficiary bank details and transfer method

5. Compliance Declaration: Statement confirming the legitimate source of funds and compliance with UAE anti-money laundering regulations

6. Indemnification: Statement protecting the financial institution from liability related to executing the fund release

7. Execution: Signature blocks for all required parties with date and place of signing

What sections are optional to include in a Fund Release Form?

1. Purpose of Release: Details about the reason for the fund release, recommended when required for compliance or audit purposes

2. Supporting Documentation: List of attached documents supporting the fund release request, used when additional verification is required

3. Witness Requirements: Section for witness details and signatures, needed for high-value transactions or as per specific bank requirements

4. Foreign Currency Declaration: Additional declarations required when the release involves foreign currency conversion

5. Emergency Contact: Alternative contact details for urgent matters, recommended for high-value or critical transfers

What schedules should be included in a Fund Release Form?

1. Schedule A - Transaction Details: Detailed breakdown of the fund release transaction, including any applicable fees or charges

2. Schedule B - Supporting Documents: List and copies of all supporting documents provided with the form

3. Schedule C - Terms and Conditions: Standard terms and conditions applicable to the fund release

4. Appendix 1 - Know Your Customer (KYC) Information: Required KYC documentation and verification details as per UAE Central Bank requirements

5. Appendix 2 - Authorization Matrix: If applicable, details of authorized signatories and approval limits

Authors

Alex Denne

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

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What is a Fund Release Form?

What sections should be included in a Fund Release Form?

What sections are optional to include in a Fund Release Form?

What schedules should be included in a Fund Release Form?

Authors

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