Regulatory AlertsCircular 89-3 on Minimum Internal Control Standards
The Bank of the Republic of Haiti issued Circular 89-3 to mandate minimum internal control standards for financial institutions in compliance with recent banking and anti-money laundering laws. The regulation defines key risk and control terms, requiring institutions to establish robust governance environments, clear reporting lines, and comprehensive risk management frameworks. It further imposes strict obligations on administrators and directors to oversee these systems, ensure independent audit functions, and submit regular compliance reports to the central bank.
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