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The Money Transfer Agreement is a crucial document used in Malaysia when establishing a formal relationship between money transfer service providers and their customers. It is essential for compliance with Malaysian financial regulations, particularly the Financial Services Act 2013 and Anti-Money Laundering legislation. The agreement is typically used when initiating regular money transfer services, whether for individual or corporate customers, and covers critical aspects including service terms, fees, compliance requirements, risk allocation, and dispute resolution. It must reflect Bank Negara Malaysia's regulatory requirements and includes specific provisions for customer due diligence, transaction reporting, and security measures. The document is particularly important given Malaysia's strict financial services regulations and its role as a significant remittance market in Southeast Asia.

1. Parties: Identification of the money transfer service provider and the customer, including registration/license numbers for the provider and full details of the customer

2. Background: Context of the agreement, including the provider's authority to conduct money transfer services and the customer's desire to use these services

3. Definitions: Definitions of key terms used throughout the agreement, including technical and regulatory terms

4. Service Description: Detailed description of the money transfer services being provided, including transfer methods and geographical coverage

5. Fees and Charges: Complete breakdown of all fees, charges, and exchange rate calculations

6. Transfer Process: Step-by-step process for initiating and completing transfers, including verification requirements

7. Compliance Requirements: Anti-money laundering and KYC requirements, including customer obligations to provide information

8. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and compliance

9. Customer Obligations: Customer's responsibilities including providing accurate information and maintaining security

10. Provider Obligations: Provider's duties including service delivery, security measures, and regulatory compliance

11. Risk Allocation: Distribution of risks between parties, including failed transfers and unauthorized transactions

12. Termination: Circumstances and procedures for ending the agreement

13. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes

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