The Bank to Bank LC agreement serves as the foundational document governing the relationship between financial institutions engaging in letter of credit transactions under Maltese jurisdiction. This document becomes necessary when banks establish correspondent relationships for handling international trade finance operations, particularly in Malta's growing financial services sector. It incorporates requirements from the Malta Financial Services Authority, EU banking regulations, and international banking practices, providing a comprehensive framework for LC operations. The agreement covers essential elements such as operational procedures, risk management, compliance requirements, and fee structures, while ensuring alignment with both Maltese banking laws and international standards such as UCP 600.
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1. Parties: Identification of the banks entering into the agreement, including their registration details, licensing information, and authorized representatives
2. Background: Context of the agreement, relationship between the banks, and general purpose of the arrangement
3. Definitions: Definitions of technical terms, banking terminology, and other key concepts used in the agreement
4. Scope of Agreement: Overview of services covered, types of LCs, and territorial scope
5. Roles and Responsibilities: Detailed obligations of each bank as issuing, confirming, or advising bank
6. LC Issuance Procedures: Process and requirements for LC issuance, including documentation and verification procedures
7. Communications and Notice Requirements: Methods of communication, SWIFT requirements, and notice procedures
8. Fees and Charges: Fee structure, payment terms, and compensation arrangements between banks
9. Risk Allocation: Distribution of risks between banks and indemnification provisions
10. Compliance Requirements: AML/KYC obligations, sanctions screening, and regulatory compliance
11. Confidentiality: Protection of confidential information and banking secrecy requirements
12. Term and Termination: Duration of agreement, renewal terms, and termination provisions
13. Governing Law and Jurisdiction: Application of Maltese law and jurisdiction for dispute resolution
1. Confirmation Services: Detailed terms for LC confirmation services, used when one bank acts as confirming bank
2. Electronic Processing: Specific provisions for electronic LC processing and digital platforms, if applicable
3. Syndication Arrangements: Terms for involving multiple banks in large LC transactions
4. Crisis Management: Procedures for handling force majeure events or banking crises
5. Document Checking Services: Terms for additional document verification services if offered
6. Special Trade Programs: Provisions for specific trade finance programs or arrangements
7. Counter-Guarantees: Terms for issuing counter-guarantees, if applicable
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
2. Schedule 2 - Operational Procedures: Step-by-step procedures for LC processing, including timelines and requirements
3. Schedule 3 - Authorized Signatories: List of authorized personnel and specimen signatures
4. Schedule 4 - Communication Protocols: Technical specifications for SWIFT messages and other communication methods
5. Schedule 5 - Document Checklist: Standard checklist for LC document verification
6. Appendix A - Standard Forms: Templates for common LC-related documents and requests
7. Appendix B - Compliance Requirements: Detailed AML/KYC procedures and requirements
8. Appendix C - Service Level Agreement: Specific performance metrics and service standards
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