The Funds Transfer Agreement serves as the primary contractual framework for establishing and governing the relationship between financial institutions and their customers for the purpose of conducting funds transfers in Hong Kong. This document is essential when setting up payment services, whether for corporate or individual customers, and encompasses both domestic and international transfers. The agreement addresses critical aspects such as transaction authorization, security measures, fee structures, and compliance with Hong Kong regulatory requirements, including those set forth by the Hong Kong Monetary Authority and other relevant regulatory bodies. It is designed to protect all parties' interests while ensuring smooth operation of transfer services, incorporating necessary provisions for electronic transfers, authentication procedures, and risk management measures. The document is particularly important in the context of Hong Kong's role as a major financial hub, requiring alignment with both local and international banking practices.
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1. Parties: Identifies and provides details of the contracting parties (typically the financial institution and the customer)
2. Background: Outlines the context and purpose of the agreement, including the parties' intention to establish a funds transfer relationship
3. Definitions: Defines key terms used throughout the agreement
4. Services: Details the types of funds transfer services to be provided
5. Instructions and Authorization: Specifies how transfer instructions should be given and the authorization process
6. Execution of Transfers: Outlines the process, timing, and conditions for executing transfers
7. Fees and Charges: Specifies all applicable fees, charges, and payment terms
8. Security Measures: Details security protocols, authentication requirements, and safeguards
9. Compliance Requirements: Addresses regulatory compliance, including AML and KYC requirements
10. Liability and Indemnification: Sets out the parties' liabilities, limitations, and indemnification obligations
11. Term and Termination: Specifies the duration of the agreement and termination provisions
12. Governing Law and Jurisdiction: Confirms Hong Kong law as governing law and jurisdiction for disputes
13. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement
1. Foreign Exchange: Include when transfers involve currency conversion services
2. Standing Instructions: Include when allowing recurring or scheduled transfers
3. Third-Party Service Providers: Include when third-party providers are involved in the transfer process
4. API Integration: Include when providing API-based transfer services
5. Business Account Provisions: Include for corporate customers with specific business requirements
6. Multi-Currency Accounts: Include when offering transfers across multiple currency accounts
7. Force Majeure: Include detailed force majeure provisions for high-value transfer services
8. Data Protection: Include detailed data protection clauses when handling sensitive personal or financial data
1. Schedule 1 - Service Fees: Detailed breakdown of all fees and charges
2. Schedule 2 - Security Protocols: Technical specifications for security measures and authentication procedures
3. Schedule 3 - Operating Hours and Cut-off Times: Specified times for different types of transfers and processing windows
4. Schedule 4 - Authorized Personnel: List of authorized persons for corporate accounts (if applicable)
5. Schedule 5 - Compliance Requirements: Detailed AML/CTF requirements and procedures
6. Appendix A - Technical Requirements: Technical specifications for electronic transfers and system requirements
7. Appendix B - Forms and Procedures: Standard forms and procedures for transfer instructions
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