Money Transfer Contract Template for Belgium

The Money Transfer Contract is essential for businesses and financial institutions operating in Belgium that need to establish formal arrangements for transferring funds. This document is specifically designed to comply with Belgian financial regulations and EU directives, including the Law of 11 March 2018 on payment institutions and the Anti-Money Laundering Law of 18 September 2017. It's typically used when establishing ongoing money transfer services between financial institutions and their clients, or between payment service providers and corporate customers. The contract covers crucial elements such as transfer procedures, fee structures, security protocols, compliance requirements, and liability allocation. It's particularly important for cross-border transactions and must incorporate both Belgian-specific requirements and EU-wide regulations such as PSD2 and GDPR.

1. Parties: Identification of the money transfer service provider and the client, including registration numbers and addresses

2. Background: Context of the agreement and general purpose of the money transfer service

3. Definitions: Key terms used throughout the agreement including 'Transfer Service', 'Transaction', 'Service Fee', etc.

4. Service Description: Detailed description of the money transfer service, including transfer methods and geographical scope

5. Fee Structure: Breakdown of all fees, charges, and exchange rate calculations

6. Transaction Process: Step-by-step process for initiating and completing transfers, including verification requirements

7. Security Measures: Security protocols and verification procedures for transfers

8. AML and KYC Requirements: Anti-money laundering and Know Your Customer obligations of both parties

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

10. Representations and Warranties: Standard declarations by both parties regarding their capacity and compliance

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

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

13. Governing Law and Jurisdiction: Confirmation of Belgian law application and dispute resolution procedures