Regulatory AlertsCircular 117-1 on Governance Practices
The Central Bank of Haiti issues Circular 117-1 to mandate that financial institutions implement governance systems tailored to their size, risk profile, and complexity. The regulation defines strict duties of loyalty, diligence, and independence for administrators and executives, while requiring the Board of Directors to establish specialized committees and ensure clear separation of powers. It further imposes rigorous qualification standards for board members and management, detailed organizational controls, and specific risk management protocols to prevent governance failures.
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