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Money Transfer Agreement

Money Transfer Agreement Template for Belgium

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Key Requirements PROMPT example:

Money Transfer Agreement

"I need a Money Transfer Agreement governed by Belgian law for my fintech company to provide international money transfer services to corporate clients in the EU, with specific focus on high-value transactions and integration with client ERP systems."

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Document background
The Money Transfer Agreement is essential for businesses operating in the Belgian financial services sector that engage in domestic or international money transfers. This document is particularly relevant in light of evolving EU payment services regulations and Belgian financial laws. It should be used when establishing a formal relationship between parties for the provision of money transfer services, whether for corporate or retail clients. The agreement covers crucial aspects such as compliance with Belgian anti-money laundering regulations, data protection requirements under GDPR, and financial services regulations. It includes detailed provisions for transaction processing, security measures, fee structures, and risk allocation. The document is designed to meet the specific requirements of Belgian law while accommodating EU-wide regulatory frameworks that impact money transfer operations.
Suggested Sections

1. Parties: Identification of the parties to the agreement, including full legal names, registration details, and addresses

2. Background: Context of the agreement and brief description of the parties' intentions

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

4. Scope of Services: Detailed description of the money transfer services to be provided

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

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

7. Compliance Requirements: AML/KYC requirements, documentation needs, and compliance obligations

8. Security Measures: Security protocols and measures for protecting transfers and data

9. Data Protection: GDPR compliance measures and data handling procedures

10. Representations and Warranties: Standard representations and warranties from both parties

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

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

13. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction

14. General Provisions: Standard boilerplate clauses including notices, amendments, etc.

Optional Sections

1. Agent Provisions: Required when transfers are conducted through agents or intermediaries

2. Cross-Border Provisions: Required for international transfers outside the EU

3. Consumer Protection Clauses: Required when services are provided to consumers rather than businesses

4. Currency Exchange Provisions: Required when transfers involve currency conversion

5. APIs and Technical Integration: Required when the service involves technical integration between systems

6. Volume Commitments: Optional section for agreements with minimum transfer volume commitments

7. Service Levels: Required when specific performance metrics are agreed upon

Suggested Schedules

1. Fee Schedule: Detailed breakdown of all fees, charges, and commission structures

2. KYC Requirements: Detailed documentation requirements for customer verification

3. Service Level Agreement: Detailed performance metrics and service standards

4. Technical Specifications: Technical requirements and specifications for system integration

5. Operating Procedures: Detailed procedures for day-to-day operations and transfers

6. Compliance Checklist: Checklist of regulatory compliance requirements

7. Security Protocols: Detailed security measures and protocols

8. Authorized Personnel: List of authorized personnel who can initiate or approve transfers

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Authorized Person
Bank Account
Banking Day
Beneficiary
Business Day
Confidential Information
Compliance Requirements
Customer Due Diligence
Data Protection Laws
Effective Date
Electronic Money
Exchange Rate
Fee Schedule
Force Majeure Event
GDPR
Intellectual Property Rights
KYC Documentation
Money Transfer
Payment Institution
Payment Instruction
Payment Order
Payment Services
Personal Data
Recipient
Regulatory Authority
Remittance
Security Procedures
Sender
Service Level Agreement
Services
Settlement Account
Transaction
Transaction Fee
Transfer Amount
Transfer Currency
Transfer Instructions
Transfer Request
Unique Identifier
Working Hours
Clauses
Service Provision
Payment Terms
Fees and Charges
Compliance
Anti-Money Laundering
Know Your Customer
Data Protection
Confidentiality
Security
Authorization
Representations and Warranties
Liability
Indemnification
Force Majeure
Term and Termination
Service Levels
Record Keeping
Audit Rights
Dispute Resolution
Governing Law
Assignment
Subcontracting
Notices
Amendment
Entire Agreement
Severability
Waiver
Currency Exchange
Transaction Processing
Settlement
Risk Allocation
Intellectual Property
Insurance
Business Continuity
Regulatory Reporting
Relevant Industries

Financial Services

Banking

FinTech

Payment Services

E-commerce

International Trade

Retail

Technology

Telecommunications

Professional Services

Relevant Teams

Legal

Compliance

Finance

Operations

Risk Management

Treasury

Customer Service

Business Development

Regulatory Affairs

Account Management

Payment Operations

Anti-Money Laundering

Relevant Roles

Compliance Officer

Legal Counsel

Financial Controller

Operations Manager

Risk Manager

Treasury Manager

Payment Services Director

AML Specialist

Finance Director

Business Development Manager

Account Manager

Financial Services Manager

Regulatory Affairs Officer

Chief Financial Officer

Chief Compliance Officer

Industries
Belgian Civil Code (Code Civil/Burgerlijk Wetboek): Fundamental law governing contracts, obligations, and financial transactions in Belgium
Law of 11 March 2018 on the legal status and supervision of payment institutions: Implementation of EU Payment Services Directive 2 (PSD2) in Belgian law, regulating payment services and money transfers
Belgian Anti-Money Laundering Law of 18 September 2017: Regulations regarding prevention of money laundering and terrorist financing, including customer due diligence requirements
Belgian Economic Law Code (Code de droit économique/Wetboek van economisch recht): Contains provisions on consumer protection and financial services regulations
EU General Data Protection Regulation (GDPR): Regulatory framework for handling personal data, implemented in Belgian law through the Data Protection Act of 30 July 2018
EU Regulation 2015/847 on information accompanying transfers of funds: Requirements for information that must accompany money transfers for anti-money laundering purposes
Belgian Financial Supervision Law: Regulations concerning financial institutions and their supervision by the National Bank of Belgium and FSMA
EU Cross-Border Payments Regulation (924/2009 as amended): Regulations ensuring equality of charges for cross-border and national payments in euros
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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