Regulatory Alerts2022-10-03
Additional Note No. 1 to Circular 114-3
The Central Bank of Haiti issued Additional Note No. 1 to Circular 114-3 to suspend two specific compliance requirements for a period of three months. The suspension applies to the mandate requiring transfers to be made exclusively to savings accounts and the rules governing foreign exchange sales by sub-agents of money transfer houses. This temporary measure is intended to provide authorized agents with additional time to develop and implement the necessary control tools for the full application of Circular 114-3.
[BRH Logo] Banque de la République d’Haïti
ADDITIONAL NOTE #1 CIRCULAR 114-3
TO BANKS AND MONEY TRANSFER HOUSES
In the context of implementing Circular 114-3, which entered into force on October 3, 2022, the Banque de la République d’Haïti has decided to suspend for a period of three (3) months:
a) The requirement to execute transfers exclusively to savings accounts, as stated in the first sentence of the second paragraph of section 1.1. Consequently, transfers to dollar accounts will continue to be processed as before until the expiration of the suspension period.
b) The obligation imposed on sub-agents of money transfer houses in the last paragraph of section 1.4 regarding the conditions for selling foreign exchange obtained through their business relationships with money transfer houses.
It is understood that these decisions are made to grant authorized transfer agents (banks and money transfer houses) the additional time necessary to develop and implement the adequate control tools required for the full implementation of Circular 114-3.
Port-au-Prince, October 3, 2022
Jean Baden Dubois Governor
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