The Fund Release Form is a crucial document in South African financial transactions, designed to facilitate and document the authorized release of funds between parties. This document is commonly used in various contexts, from simple bank transfers to complex corporate transactions, and must comply with South African financial regulations, including the Financial Intelligence Centre Act (FICA). The form serves multiple purposes: it provides clear authorization for fund transfers, maintains an audit trail for compliance purposes, protects the interests of all parties involved, and ensures adherence to anti-money laundering regulations. It includes essential details such as party information, transfer amounts, banking details, and required declarations. The document is particularly important in situations requiring formal documentation of fund releases, such as trust disbursements, property transactions, or corporate payments.
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1. Parties: Full legal names and details of the fund holder/releaser and the recipient, including their registration/ID numbers and addresses
2. Background: Context of the fund release, including the origin of the funds and purpose of the release
3. Definitions: Key terms used in the document, including financial and technical terms
4. Fund Details: Specific details of the funds to be released, including amount, currency, and account information
5. Release Authorization: Express authorization for the release of funds, including any conditions precedent
6. Method of Transfer: Specified method of fund transfer and timeline
7. Compliance Declaration: Declaration of compliance with FICA and other relevant regulations
8. Release Confirmation: Acknowledgment of receipt and release of liability upon successful transfer
9. Governing Law: Confirmation that South African law governs the fund release
10. Signatures: Space for dated signatures of all parties and witnesses
1. Intermediary Details: Required when a third party or financial intermediary is involved in the fund release process
2. Foreign Exchange Provisions: Required when the fund release involves currency conversion or international transfers
3. Security Measures: Additional security requirements for high-value transfers or sensitive transactions
4. Cancellation Rights: Terms for cancellation of the fund release, if applicable
5. Third Party Rights: Required when the funds are being released to or on behalf of a third party
6. Tax Declarations: Required when the fund release has tax implications or requires tax clearance
1. Schedule A - Bank Account Details: Detailed banking information for all parties involved in the transfer
2. Schedule B - Supporting Documents: List of required FICA documents and other supporting documentation
3. Schedule C - Authorization Evidence: Copies of resolutions, powers of attorney, or other authorization documents
4. Appendix 1 - Proof of Identity: Certified copies of identity documents or company registration documents
5. Appendix 2 - Proof of Address: Recent proof of address documents as required by FICA
6. Appendix 3 - Source of Funds Declaration: Declaration and supporting evidence regarding the source of funds
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Legal Services
Real Estate
Investment Management
Insurance
Corporate Services
Trust Services
Wealth Management
Construction & Development
Non-Profit Organizations
Education
Healthcare
Relevant Teams
Finance
Legal
Compliance
Treasury
Operations
Risk Management
Corporate Governance
Banking Operations
Investment Administration
Client Services
Relevant Roles
Financial Manager
Compliance Officer
Legal Counsel
Trust Administrator
Banking Officer
Financial Controller
Treasury Manager
Account Manager
Risk Manager
Corporate Secretary
Finance Director
Operations Manager
Transaction Manager
Investment Officer
Chief Financial Officer
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