Regulatory Alerts2019-07-15
Circular 114 on Fund Transfer Operations Without Consideration
The Bank of the Republic of Haiti issued Circular 114 to establish regulatory standards for fund transfer operations without consideration, requiring banks and money transfer houses to pay transfers in the sender's specified currency and issue detailed transaction receipts. The regulation mandates strict contractual oversight of sub-agents, including risk profiling, anti-money laundering compliance, and prohibitions on gambling sector entities acting as sub-agents. Institutions must submit weekly and quarterly reports to the central bank and face significant financial penalties for non-compliance, late reporting, or discrepancies in declared amounts.
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