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Transfer of Funds -Common Account Procedures

The document outlines the procedures for transferring funds via a common account as per the Deed of Agreement (DOA). It details the steps for due diligence, signing agreements, transferring funds, and the receiver's bank process for accessing the funds. The receiver must ensure their accounts are with globally rated banks in Europe to complete the transaction.

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Khorshed Kader Chowdhury
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220 views

Transfer of Funds -Common Account Procedures

The document outlines the procedures for transferring funds via a common account as per the Deed of Agreement (DOA). It details the steps for due diligence, signing agreements, transferring funds, and the receiver's bank process for accessing the funds. The receiver must ensure their accounts are with globally rated banks in Europe to complete the transaction.

Uploaded by

Khorshed Kader Chowdhury
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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TRANSFER OF FUNDS VIA THE COMMON ACCOUNT

THE FOLLOWING PROCEDURES ARE AN EXTRACT FROM THE DEED OF AGREEMENT (DOA) TO BE ISSUED
ON ACCEPTANCE OF THE FOLLOWING PROCEDURES INCLUDING ALL THE NECESSARY INFORMATION OF
THE TRANSACTION TOGETHER LEGAL TERMS AND CONDITIONS.

1. PROCEDURES

1.1 ON RESPECTIVE AND SUCCESSFUL DUE DILIGENCE, THE SENDER AND THE RECEIVER, SIGN THE DEED
OF AGREEMENT (DOA) TOGETHER WITH THE PAYMENT GUARANTEE AGREEMENT SIGNED BY THE
RECEIVER.

1.2 THE SENDER ON RECEIVING SIGNED DOCUMENTS AS INDICATED ABOVE, WITHIN THREE TO FIVE
BANKING DAYS WILL TRANSFER THE AGREED TRANCHE AMOUNT TO THE RECEIVER VIA THE
RECEIVING BANK’S COMMON ACCOUNT AND SEND COPY OF THE TRANSFER DOCUMENT(S) WHICH
MAY INCLUDE THE BLACK SCREEN FOR TRACKING AND COLLECTION PURPOSES.

1.3 THE RECEIVER ON RECEIVING COPY OF THE TRANSFER DOCUMENT(S) WILL INSTRUCT THEIR
BANKER OFFICER TO COLLECT THE FUNDS FROM THE COMMON ACCOUNT AS FOLLOWS:

▪ BANKER SEARCHERS TRANSFERRED FUNDS IN THE INTERNAL SERVER OF THE BANK’S


COMMON ACCOUNT WITH TRN NUMBER AND DATE OF THE TRANSFER AND AMOUNT.

▪ BANKER WILL CONVERT THE OFF LEDGER FUNDS INTO ON LEDGER SPENDABLE FUNDS BY
COMPENSATING OR MONETISING THE FUNDS BEFORE CREDITING THE RECEIVERS ACCOUNT,
AND ADVISE TIMING FOR THE COMPLETION.

1.4 THE RECEIVER’S BANKER ON CLEARING THE FUNDS IN THE NOMINATED RECEIVING ACCOUNT WILL
COMMENCE PAYMENT ACCORDING TO THE PAYMENT GUARANTEE AGREEMENT VIA SWIFT MT103
GPI DIRECT OR SWIFT MT103CASH WIRE TRANSFER.

1.5 THE RECEIVER ACKNOWLEDGES AND CONFIRMS THEIR RECEIVING ACCOUNTS MUST BE IN GLOBAL
RATED BANKS IN EUROPE.

THE RECEIVER (ACCOUNT SIGNATORY), BY COMPLETING THE FOLLOWING CONFIRMS THE ABOVE
PROCEDURES FOR THE TYPE OF TRANSFER HAVE BEEN ACCEPTED BY THEIR BANK OFFICER.

COMPANY NAME: ……………………………………………………………………………….….

PRESENTED BY: ……………………………………………………………………………….….

DATE: ……………………………………………………………………………….….

PROJECT MANAGEMENT GROUP (PMG) LONDON


INFO&PMGLONDON.CO.UK

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