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Bank Fund Transfer Letter

Bank Fund Transfer Letter Template for Saudi Arabia

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Key Requirements PROMPT example:

Bank Fund Transfer Letter

"I need a Bank Fund Transfer Letter for transferring 500,000 SAR from our corporate account to a supplier in Riyadh, ensuring compliance with SAMA regulations and including all necessary anti-money laundering declarations for a planned transfer date of March 15, 2025."

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Document background
The Bank Fund Transfer Letter is a crucial document in Saudi Arabian banking operations, used whenever there is a need to transfer funds between accounts, whether domestically or internationally. This document type emerged from the requirements of the Saudi Central Bank (SAMA) and must comply with both international banking standards and Islamic finance principles. The letter includes comprehensive details about the transfer, including sender and beneficiary information, transfer amount, purpose, and authorization. It's particularly important in Saudi Arabia due to strict regulatory requirements and the need for clear documentation for audit trails. The Bank Fund Transfer Letter must incorporate specific elements required by Saudi banking laws, including anti-money laundering provisions and Know Your Customer (KYC) requirements. It serves as both an instruction document and a legal record of the transfer authorization.
Suggested Sections

1. Letter Header and Date: Bank letterhead, reference number, and date of the transfer request

2. Recipient Bank Details: Complete details of the receiving bank including name, branch, and SWIFT code

3. Account Holder Information: Full details of the transferring account holder including account number and contact information

4. Beneficiary Details: Complete information about the transfer recipient including full name, account number, and bank details

5. Transfer Amount and Currency: Specified amount to be transferred and currency, written in both numbers and words

6. Purpose of Transfer: Clear statement of the transfer purpose complying with SAMA regulations

7. Authorization Statement: Explicit authorization for the bank to execute the transfer and debit the account

8. Signature Block: Space for authorized signature(s) and date

Optional Sections

1. Intermediary Bank Details: Required when the transfer involves an intermediary bank for international transfers

2. Special Instructions: Any specific handling instructions or references required for the transfer

3. Exchange Rate Declaration: Required when the transfer involves currency conversion

4. Urgency Level: Indication of transfer urgency (same day, next day, standard) if applicable

5. Related Transaction References: References to related transactions or documents when the transfer is part of a larger transaction

Suggested Schedules

1. Identity Documentation: Copies of required identification documents as per SAMA KYC requirements

2. Transaction Supporting Documents: Any relevant invoices, contracts, or documents supporting the purpose of transfer

3. Authorization Documents: Corporate resolutions or power of attorney if applicable

4. SAMA Compliance Declaration: Standard form declaring compliance with SAMA regulations regarding the transfer purpose

5. Fee Schedule: Breakdown of applicable transfer fees and charges

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 Industries

Banking & Financial Services

Corporate Banking

Retail Banking

International Trade

Commercial Real Estate

Manufacturing

Import/Export

Professional Services

Construction

Retail

Healthcare

Education

Technology

Telecommunications

Relevant Teams

Treasury

Finance

Accounts Payable

Banking Operations

Compliance

International Payments

Cash Management

Wire Transfer Operations

Financial Control

Trade Finance

Relevant Roles

Treasury Manager

Finance Director

Chief Financial Officer

Banking Operations Manager

Compliance Officer

Financial Controller

Accounts Payable Manager

Corporate Banking Officer

Trade Finance Manager

International Banking Specialist

Payment Operations Manager

Finance Manager

Banking Relationship Manager

Cash Management Officer

Wire Transfer Specialist

Industries
Banking Control Law (Royal Decree No. M/5): The fundamental banking law in Saudi Arabia that regulates banking operations and provides the legal framework for financial institutions
SAMA Rules on Opening Banking Accounts: Regulations governing the procedures and requirements for banking operations, including fund transfers and account management
Anti-Money Laundering Law (Royal Decree No. M/20): Legislation concerning the prevention of money laundering and terrorist financing, requiring specific verification and documentation for fund transfers
Electronic Transactions Law (Royal Decree No. M/18): Governs electronic transactions and digital signatures, relevant for electronic fund transfers and related documentation
Shariah Banking Principles: Islamic banking principles that must be adhered to in Saudi banking operations, including the prohibition of interest (riba) and ensuring transactions are Shariah-compliant
SAMA Guidelines for Bank Transfers: Specific regulations and guidelines issued by the Saudi Central Bank regarding domestic and international fund transfers
Know Your Customer (KYC) Guidelines: SAMA regulations requiring proper customer identification and due diligence procedures for banking transactions
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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