Circular 95-5 on the Conditions and Procedures for Transaction Reporting and Transaction Reporting Thresholds

Bank of the Republic of Haiti CIRCULAR No. 95-5

TO FINANCIAL INSTITUTIONS

This circular defines the conditions and procedures for submitting transaction reports, and establishes the transaction reporting thresholds.

1. General Provisions

In accordance with Article 17 of the Decree of April 30, 2023 combating money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction in Haiti, Article 175 of the Law of May 14, 2012 on banks and other financial institutions, and Article 34 of the Decree of November 25, 2020 on exchange intermediaries, all financial institutions designated below are required to complete a transaction report for the amount specified in Section 2 of this circular, for any cash transaction conducted by all regular or occasional clients, whether as a single operation or multiple linked operations, and for all fund transfers or electronic wire transfers.

Transaction report forms, following the models developed by the Central Financial Intelligence Unit (UCREF), must be transmitted electronically on a daily basis to this institution or on paper no later than three (3) business days for all financial institutions located in the metropolitan area and five (5) business days for all financial institutions located in provincial cities, after they have been completed. Copies of said forms must be properly indexed and available for inspection by the BRH.

2. Transaction Reporting Thresholds

2.1. Banks

Banks must complete a transaction report for any cash transaction, fund transfer, or electronic wire transfer of an amount equal to or greater than one million three hundred twenty thousand gourdes (HTG 1,320,000.00) or its equivalent in foreign currencies.

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2.2. Money Transfer Houses

Money transfer houses must complete a transaction report for any fund transfer of an amount equal to or greater than one hundred thirty-two thousand gourdes (HTG 132,000.00) or its equivalent in foreign currencies.

2.3. Currency Exchange Offices

Currency exchange offices must complete a transaction report for any cash transaction of an amount equal to or greater than one million one hundred thirty-two thousand gourdes (HTG 1,132,000.00) or its equivalent in foreign currencies.

Currency exchange offices must complete a transaction report for any transaction conducted via bank transfer of an amount equal to or greater than three hundred fifty thousand gourdes (HTG 350,000.00) or its equivalent in foreign currencies.

2.4. Savings and Credit Cooperatives

Savings and credit cooperatives must complete a transaction report for any cash transaction of an amount equal to or greater than one million one hundred thirty-two thousand gourdes (HTG 1,132,000.00) or its equivalent in foreign currencies.

2.5. Microfinance Companies

Microfinance companies must complete a transaction report for any cash transaction of an amount equal to or greater than one million one hundred thirty-two thousand gourdes (HTG 1,132,000.00) or its equivalent in foreign currencies.

3. Sanctions

In the event of non-compliance with the obligations defined in this circular, financial institutions are subject to penalties and administrative measures, without prejudice to other sanctions that may be imposed on the offending institution under the Decree of April 30, 2023.

a) Failure to Submit Form

Failure to complete the transaction report form mentioned in Section 2 will subject financial institutions to a fine of five hundred thousand gourdes (HTG 500,000.00) per day of violation.

The penalty period extends from the day a transaction should have been reported to the UCREF to the day the BRH establishes the violation.

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b) Late Submission of Form

In the event of late submission of a transaction report form, financial institutions are subject to a penalty of three hundred fifty thousand gourdes (HTG 350,000.00) per day of violation.

The penalty period extends from the day the form should have been submitted to the UCREF to the day it is received.

c) Non-Submission of Form

In the event of non-submission of a duly completed transaction report form to the UCREF, financial institutions are subject to a penalty of seven hundred fifty thousand gourdes (HTG 750,000.00) per day of violation.

The penalty period extends from the day the form should have been submitted to the day the BRH establishes the violation.

4. Repeal and Entry into Force

This circular repeals Circular No. 95-4 and enters into force on the date of signature.

Port-au-Prince, April 16, 2025

[Signature] Ronald Gabriel Governor