Money Transfer Contract Template for United Arab Emirates

The Money Transfer Contract serves as a critical legal framework for financial institutions operating in the United Arab Emirates to provide money transfer services to their customers. This document is essential when establishing a formal relationship between a financial service provider and clients who require domestic or international money transfer services. The contract must comply with UAE Federal Law No. 14 of 2018 (Central Bank Law), anti-money laundering regulations, and various Central Bank directives. It typically includes detailed provisions for transaction processing, fee structures, security measures, and compliance requirements specific to the UAE jurisdiction. The document is particularly important given the UAE's position as a major financial hub and its strict regulatory environment regarding financial transactions and customer due diligence.

1. Parties: Identification of the money transfer service provider and the customer, including all details required for UAE regulatory compliance

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

3. Definitions: Definitions of key terms used throughout the agreement, including technical banking terms and regulatory references

4. Service Description: Detailed description of the money transfer service, including types of transfers covered

5. Transfer Process: Step-by-step process for initiating, processing, and completing transfers

6. Fees and Charges: Comprehensive breakdown of all fees, charges, and exchange rates applicable to the transfers

7. Customer Due Diligence: KYC requirements and customer obligations for AML/CFT compliance

8. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and compliance

9. Rights and Obligations: Detailed responsibilities of both parties throughout the transfer process

10. Security Measures: Security protocols and authentication requirements for transfers

11. Liability and Indemnification: Allocation of risks and responsibilities between parties

12. Term and Termination: Duration of the agreement and circumstances for termination

13. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction for disputes