This Wire Transfer Agreement is essential for establishing a formal relationship between financial institutions and customers requiring electronic funds transfer services in the UAE. The document is primarily used when setting up wire transfer capabilities for new accounts or updating existing service agreements to comply with current UAE banking regulations. It addresses crucial aspects such as transaction security, authentication procedures, and compliance with UAE Central Bank directives and anti-money laundering laws. The agreement is particularly relevant in the context of the UAE's position as a global financial hub, incorporating both conventional and Islamic banking principles where applicable. It provides legal protection for all parties while ensuring transparent communication of service terms, fees, and operational procedures.
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1. Parties: Identification of the financial institution and the customer, including full legal names and addresses
2. Background: Context of the agreement and the relationship between the parties
3. Definitions: Definitions of key terms used in the agreement, including technical banking and wire transfer terminology
4. Services: Detailed description of wire transfer services provided, including types of transfers covered
5. Authorization and Security: Procedures for authorizing transfers, security measures, and verification requirements
6. Customer Obligations: Customer's responsibilities, including providing accurate information and maintaining security
7. Bank's Obligations: Bank's responsibilities in processing transfers and maintaining service standards
8. Fees and Charges: Structure of fees, charges, and payment terms for wire transfer services
9. Processing Times: Timeframes for processing different types of wire transfers and cut-off times
10. Liability and Indemnification: Allocation of risks, limitations of liability, and indemnification provisions
11. Term and Termination: Duration of the agreement and circumstances for termination
12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
13. General Provisions: Standard legal provisions including notices, amendments, and entire agreement clause
1. Islamic Banking Compliance: Section addressing Sharia compliance requirements, used when the agreement needs to comply with Islamic banking principles
2. International Transfers: Additional provisions for international wire transfers, used when cross-border transfers are included
3. Corporate Authority: Special provisions for corporate customers, used when the customer is a business entity
4. Electronic Banking Interface: Provisions regarding online banking platform usage, used when transfers can be initiated electronically
5. Standing Instructions: Provisions for recurring or scheduled transfers, used when offering automated regular transfer services
6. Force Majeure: Provisions for unforeseen circumstances affecting transfer services, used in more comprehensive agreements
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees and charges for different types of wire transfers
2. Schedule 2 - Service Level Agreement: Specific performance standards and processing times for different types of transfers
3. Schedule 3 - Security Procedures: Detailed security protocols and verification procedures
4. Schedule 4 - Authorized Persons: List of persons authorized to initiate or approve transfers (for corporate customers)
5. Appendix A - Transfer Request Forms: Standard forms and formats for submitting wire transfer requests
6. Appendix B - Cut-off Times: Detailed schedule of cut-off times for different types of transfers and currencies
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