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Money Transfer Agreement

Money Transfer Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Money Transfer Agreement

"I need a Money Transfer Agreement for my fintech company in Saudi Arabia that will launch digital remittance services in March 2025, focusing on international transfers to Asian countries with integrated mobile app functionality and Islamic banking compliance."

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Document background
The Money Transfer Agreement is essential for financial institutions operating in Saudi Arabia that provide domestic or international money transfer services. This document is specifically designed to comply with Saudi Arabian banking regulations, particularly those established by the Saudi Arabian Monetary Authority (SAMA), and includes comprehensive provisions for anti-money laundering compliance, customer due diligence, and transaction monitoring. The agreement is typically used when establishing a formal relationship between a licensed money transfer provider and its customers, whether individuals or corporations. It covers critical aspects such as service terms, fee structures, transaction limits, security protocols, and compliance requirements. The document is particularly relevant in the context of Saudi Arabia's growing digital payment landscape and its position as a significant market for both domestic and international remittances.
Suggested Sections

1. Parties: Identification of the money transfer service provider and the customer, including full legal names and details

2. Background: Context of the agreement and brief description of the money transfer service to be provided

3. Definitions: Key terms used throughout the agreement, including technical and regulatory terminology

4. Service Description: Detailed description of the money transfer services, including types of transfers covered

5. Fees and Charges: Comprehensive breakdown of all applicable fees, charges, and exchange rates

6. Service Requirements: Prerequisites and conditions for using the service, including documentation requirements

7. Customer Obligations: Customer responsibilities, including providing accurate information and maintaining security

8. Provider Obligations: Service provider's duties, including service delivery and regulatory compliance

9. Compliance Requirements: Anti-money laundering and counter-terrorism financing obligations

10. Security Measures: Security protocols and measures to protect transfers and customer information

11. Liability and Indemnification: Allocation of risks and responsibilities between parties

12. Term and Termination: Duration of agreement and conditions for termination

13. Governing Law and Jurisdiction: Specification of Saudi Arabian law and relevant jurisdiction

14. General Provisions: Standard clauses including notices, amendments, and entire agreement

Optional Sections

1. International Transfers: Additional provisions for cross-border transfers, used when international transfers are part of the service

2. Corporate Services: Specific provisions for corporate customers, used for business-to-business services

3. Digital Services: Provisions for online and mobile transfer services, used when digital platforms are involved

4. Bulk Transfer Services: Provisions for multiple concurrent transfers, used for corporate or institutional customers

5. Agent Network: Provisions regarding transfer agents and locations, used when the service involves physical agent locations

6. Islamic Banking Compliance: Additional provisions ensuring compliance with Shariah principles, used when required by parties

7. Currency Exchange: Specific provisions for foreign exchange services, used when currency conversion is involved

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and commission structures

2. Schedule 2 - Service Locations: List of authorized service locations and agents

3. Schedule 3 - Required Documentation: List of required customer documentation for different transfer types

4. Schedule 4 - Transfer Limits: Schedule of transaction limits for different customer categories and transfer types

5. Schedule 5 - Compliance Procedures: Detailed AML/CTF procedures and requirements

6. Appendix A - Know Your Customer Forms: Standard KYC forms and requirements

7. Appendix B - Security Protocols: Detailed security procedures and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions














































Clauses







































Relevant Industries

Banking

Financial Services

Payment Services

Remittance Services

Financial Technology

Retail Banking

Corporate Banking

Islamic Banking

Relevant Teams

Legal

Compliance

Operations

Risk Management

Customer Service

Treasury

Retail Banking

Corporate Banking

Product Development

Regulatory Affairs

Financial Control

Digital Banking

Anti-Money Laundering

Relevant Roles

Compliance Officer

Legal Counsel

Financial Services Manager

Banking Operations Manager

Risk Manager

AML Specialist

Customer Service Manager

Treasury Manager

Remittance Operations Manager

Financial Controller

Regulatory Affairs Director

Business Development Manager

Product Manager - Payments

Operations Director

Chief Compliance Officer

Head of Retail Banking

Digital Banking Manager

Industries







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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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