Regulatory Alerts2013-09-16
Circular No. 103-1 Governing Rules for Checks Issued in Haiti
The Bank of the Republic of Haiti issued Circular No. 103-1 to establish comprehensive regulations for checks issued in Haiti, covering account opening, presentation, endorsement, and electronic clearing procedures. The document mandates strict verification protocols for financial institutions and imposes a one-year ban on check issuance for account holders who issue five unpaid checks within a twelve-month period. It further defines specific return codes for clearing incidents and outlines financial penalties for institutions that fail to comply with reporting obligations or honor checks from banned issuers.
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