The Funds Transfer Agreement is essential for businesses and individuals conducting significant financial transactions in Singapore. It provides a comprehensive framework for executing fund transfers while ensuring compliance with Singapore's strict financial regulations, including the Payment Services Act 2019 and MAS guidelines. This agreement is particularly crucial for cross-border transfers, large-value transactions, or recurring transfer arrangements, detailing the transfer mechanics, security measures, and compliance requirements to protect all parties involved.
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Key Requirements PROMPT example:
Funds Transfer Agreement
"Need a Funds Transfer Agreement to facilitate monthly transfers of SGD 500,000 from our Singapore subsidiary to our parent company in Japan, starting from March 2025, with specific compliance requirements for cross-border transfers and currency conversion terms."
1. Parties: Identification and details of the transferor and transferee
2. Background: Context and purpose of the funds transfer arrangement
3. Definitions: Key terms used tHRoughout the agreement including regulatory references to PSA, Banking Act, and other relevant legislation
4. Transfer Details: Specific information about the transfer amount, currency, and timing
5. Payment Instructions: Detailed procedures for executing the transfer
6. Representations and Warranties: Legal assertions by both parties regarding their capacity and authority
7. Compliance Requirements: AML/CFT obligations and regulatory compliance matters under Singapore law
8. Governing Law and Jurisdiction: Specification of Singapore law and courts' jurisdiction
1. Intermediary Banks: Details of any intermediary banks involved in the transfer - used when transfer involves correspondent banking relationships
2. Foreign Exchange Provisions: Terms for currency conversion if applicable - used when transfer involves currency conversion
3. Security Measures: Additional security requirements for large transfers - used for high-value transfers or high-risk jurisdictions
4. Force Majeure: Provisions for unforeseen circumstances - used when extended transfer periods or multiple jurisdictions involved
1. Transfer Schedule: Detailed breakdown of transfer amounts and dates
2. Bank Account Details: Complete banking information for all parties
3. Compliance Documentation: Required KYC and AML documentation
4. Authorization Forms: Standard forms for transfer authorization
Authors
Relevant legal definitions
Agreement
Applicable Laws
Authorized Representative
Banking Day
Beneficiary
Business Day
Confidential Information
Effective Date
Force Majeure Event
Fund Transfer
Intermediary Bank
MAS
Payment Instructions
Payment Service Provider
PSA
Receiving Bank
Regulatory Requirements
Remittance Amount
Sending Bank
Settlement Date
Singapore Dollars
Transaction Fee
Transfer Account
Transfer Currency
Transfer Date
Transfer Details
Transfer Instructions
Transfer Request
Transferee
Transferor
Value Date
Applicable Laws
Authorized Representative
Banking Day
Beneficiary
Business Day
Confidential Information
Effective Date
Force Majeure Event
Fund Transfer
Intermediary Bank
MAS
Payment Instructions
Payment Service Provider
PSA
Receiving Bank
Regulatory Requirements
Remittance Amount
Sending Bank
Settlement Date
Singapore Dollars
Transaction Fee
Transfer Account
Transfer Currency
Transfer Date
Transfer Details
Transfer Instructions
Transfer Request
Transferee
Transferor
Value Date
Clauses
Transfer Instructions
Payment Terms
Bank Account Details
Execution Process
Service Fees
Currency Conversion
Timing and Settlement
Representations and Warranties
Compliance and Regulatory
Anti-Money Laundering
Know Your Customer
Data Protection
Confidentiality
Security Measures
Authorization
Intermediary Banks
Liability
Indemnification
Force Majeure
Termination
Notices
Assignment
Amendment
Severability
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Payment Terms
Bank Account Details
Execution Process
Service Fees
Currency Conversion
Timing and Settlement
Representations and Warranties
Compliance and Regulatory
Anti-Money Laundering
Know Your Customer
Data Protection
Confidentiality
Security Measures
Authorization
Intermediary Banks
Liability
Indemnification
Force Majeure
Termination
Notices
Assignment
Amendment
Severability
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Relevant Industries
Relevant Teams
Relevant Roles
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