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Money Transfer Contract

Money Transfer Contract Template for Philippines

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Key Requirements PROMPT example:

Money Transfer Contract

"I need a Money Transfer Contract for a recurring monthly international transfer of PHP 500,000 from our Manila office to our Singapore subsidiary, starting March 2025, with specific anti-money laundering compliance provisions and currency conversion terms."

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Document background
The Money Transfer Contract is essential for facilitating secure and compliant fund transfers within the Philippine legal framework. This document is typically used when parties need to establish clear terms for transferring significant sums of money, whether for business transactions, property purchases, or other substantial financial dealings. It incorporates crucial elements required by Philippine banking regulations, including anti-money laundering provisions, know-your-customer requirements, and BSP circulars governing money transfers. The contract ensures that all parties understand their rights and obligations while providing necessary documentation for regulatory compliance. It's particularly important given the Philippines' strict financial regulations and the need to prevent illegal financial activities while facilitating legitimate business transactions.
Suggested Sections

1. Parties: Identifies and provides full details of the sender and recipient of the funds, including their complete legal names, addresses, and contact information

2. Background: Explains the context and purpose of the money transfer agreement

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

4. Transfer Details: Specifies the amount to be transferred, currency, and any applicable exchange rates

5. Service Fees: Details all fees, charges, and commissions associated with the transfer

6. Transfer Process: Outlines the steps, timeline, and procedures for executing the transfer

7. Compliance Requirements: Specifies the anti-money laundering and know-your-customer requirements that must be met

8. Representations and Warranties: States the legal assertions and guarantees made by both parties regarding the transfer

9. Obligations of the Parties: Lists the specific responsibilities and duties of both the sender and recipient

10. Termination: Describes conditions under which the transfer may be cancelled or terminated

11. Governing Law: Specifies that Philippine law governs the agreement and relevant jurisdictional details

Optional Sections

1. Foreign Exchange Provisions: Required when the transfer involves currency conversion, detailing exchange rates and related terms

2. Intermediary Banks: Needed when the transfer requires routing through correspondent or intermediary banks

3. Regular Transfer Schedule: Used for recurring transfers, specifying frequency and conditions

4. Digital Services: Required when the transfer involves online or mobile banking platforms

5. Special Instructions: Used when specific handling or routing instructions are needed

6. Force Majeure: Added when parties want to address potential disruptions due to extraordinary circumstances

7. Dispute Resolution: Optional detailed procedure for handling disputes, including mediation or arbitration provisions

Suggested Schedules

1. Schedule A - Transfer Details: Detailed breakdown of transfer amount, fees, and payment instructions

2. Schedule B - Required Documentation: List of all required identification and verification documents

3. Schedule C - Compliance Checklist: Checklist of anti-money laundering and regulatory requirements

4. Schedule D - Fee Schedule: Comprehensive breakdown of all applicable fees and charges

5. Appendix 1 - Bank Details: Complete banking information for all parties involved in the transfer

6. Appendix 2 - Authorization Forms: Required authorization and verification forms

7. Appendix 3 - Terms and Conditions: Standard terms and conditions of the transfer service provider

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 Representative
Banking Day
Beneficiary
BSP
Confidential Information
Confirmation Notice
Correspondent Bank
Cut-off Time
Electronic Transfer
Exchange Rate
Force Majeure
Fund Transfer
Intermediary Bank
KYC Requirements
Money Laundering
Notice
Payment Instructions
Principal Amount
Remittance
Remitter
Sender
Service Fee
Settlement Date
SWIFT
Transfer Amount
Transfer Date
Transfer Instructions
Transaction Reference Number
Value Date
Verification Documents
Wire Transfer
Clauses
Transfer Instructions
Payment Terms
Service Fees
Exchange Rate
Compliance Requirements
Anti-Money Laundering
Know Your Customer
Representations and Warranties
Confidentiality
Data Protection
Transfer Process
Cancellation Rights
Refund Policy
Bank Details
Authorization
Liability
Indemnification
Force Majeure
Dispute Resolution
Governing Law
Termination
Amendments
Notices
Assignment
Severability
Entire Agreement
Electronic Communications
Regulatory Compliance
Risk Allocation
Documentation Requirements
Relevant Industries

Banking

Financial Services

Remittance Services

International Trade

E-commerce

Real Estate

Corporate Services

Professional Services

Retail Banking

Foreign Exchange Services

Relevant Teams

Legal

Compliance

Finance

Treasury

Risk Management

Operations

Corporate Banking

Retail Banking

International Banking

Customer Service

Anti-Money Laundering

Documentation

Relevant Roles

Compliance Officer

Legal Counsel

Banking Operations Manager

Financial Controller

Treasury Manager

Risk Management Officer

Remittance Officer

Account Manager

Financial Services Director

Corporate Secretary

Chief Financial Officer

Banking Relationship Manager

Transaction Banking Officer

Anti-Money Laundering Specialist

Industries
Republic Act No. 7653 (New Central Bank Act): Provides the regulatory framework for banking and financial institutions in the Philippines, including money transfer operations and foreign exchange transactions.
Republic Act No. 9160 (Anti-Money Laundering Act of 2001): Sets requirements for financial transactions to prevent money laundering, including customer due diligence, record-keeping, and reporting of suspicious transactions.
Republic Act No. 10365 (AMLA Amendment): Strengthens the anti-money laundering law and expands its coverage to include additional predicate crimes and covered institutions.
Republic Act No. 7394 (Consumer Act of the Philippines): Protects consumer rights and interests in financial transactions, including disclosure requirements and unfair practices.
Republic Act No. 8792 (Electronic Commerce Act): Governs electronic transactions and provides legal framework for electronic fund transfers and digital signatures.
Republic Act No. 386 (Civil Code of the Philippines): Provides the basic principles of contract law, including formation, validity, and enforcement of contracts.
BSP Circular No. 706: Sets guidelines for money service businesses, including minimum capital requirements and operational standards.
BSP Circular No. 942: Provides guidelines on money service business operations and anti-money laundering regulations specific to money transfers.
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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