Regulatory Alerts2024-06-01
Circular 114-3 Regarding Unremunerated Fund Transfers
The Bank of the Republic of Haiti issued Circular 114-3 to establish regulatory standards for international unremunerated fund transfers, mandating specific exchange rate caps, resource management ratios, and sub-agent oversight protocols for banks and money transfer houses. The regulation requires institutions to enforce strict compliance measures, including daily transaction monitoring, risk profiling of sub-agents, and the prohibition of gambling establishments from acting as sub-agents. Non-compliance triggers significant administrative penalties, including fines for reporting delays and discrepancies, while the central bank reserves the right to adjust monetary thresholds based on market conditions.
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