Regulatory Alerts2020-10-12
Circular 89-2 on Minimum Internal Control Standards
The Bank of the Republic of Haiti issued Circular 89-2 to mandate that financial institutions implement robust internal control frameworks in compliance with banking laws and anti-money laundering regulations. The circular defines key risk and control concepts while assigning specific oversight responsibilities to boards of directors and senior management to ensure prudent risk management. It further requires the establishment of independent risk management and compliance functions, along with periodic internal audits, supported by mandatory quarterly reporting to the board.
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