Document background
A Letter of Instruction to Bank to Transfer Funds is a critical financial document used when an account holder needs to formally instruct their bank to transfer funds to another account. This document type is particularly important in the Irish banking context, where it must comply with strict regulatory requirements including the Central Bank and Financial Services Authority of Ireland Act 2004 and the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The letter typically contains detailed information about the sender, recipient, transfer amount, and any special instructions, serving as both an authorization and a record of the transaction. It's commonly used for significant transfers, international payments, or when standard transfer methods (like online banking) are not suitable or available. The document provides protection for all parties involved by clearly documenting the transfer instructions and authorization.
