Bank of the Republic of Haiti

CIRCULAR

No. 118

TO FINANCIAL INSTITUTIONS

Pursuant to Articles 83, 99, and 161 of the Law of May 14, 2012, on Banks and Other Financial Institutions, Articles 44 and 47 of the Decree of November 25, 2020, on Exchange Intermediaries, Article 2 of the Decree of June 5, 2020, modifying certain provisions of the Decree of July 6, 1989, on Money Transfer Houses, and with reference to Circular 114-2, banks and money transfer houses are required to comply with the provisions of this Circular regarding the submission of reports related to international transfer and exchange operations.

1. Reports

1.1 Banks and money transfer houses are required to complete and send to the BRH electronically in Excel format:

• a daily report on transfers paid without consideration (Annex I)
  Submission deadline: the next business day at noon according to the report's reference date;

• a weekly report on the sale of the 30% held by the money transfer house (Annex II)
  Submission deadline: the next business day at noon according to the report's reference date;

• a weekly report on the distribution of the 30% paid to sub-agents (Annex III)
  Submission deadline: the next business day at noon according to the report's reference date.

1.2 Banks are required to complete and send to the BRH electronically in Excel format:

• a weekly report on withdrawals of ten thousand dollars (10,000.00 USD) or more made by sub-agents (Annex IV)
  Submission deadline: the next business day at noon according to the report's reference date;

• a weekly report on deposits exceeding one million gourdes (1,000,000.00 HTG) made into the accounts of exporters (Annex V)
  Submission deadline: the next business day at noon according to the report's reference date.

2. Obligations of Banks and Money Transfer Houses

No later than fifteen (15) days after the date of entry into force of this Circular, banks and money transfer houses must submit to the BRH the list of their sub-agents including the following information: address, telephone number, email, account numbers, and the name of the bank where the account(s) is/are domiciled. A list containing the names of sub-agents and their addresses will be transmitted by the BRH to each bank.

Banks are required to report to the BRH all withdrawals made on the accounts of sub-agents domiciled with them where the amount is ten thousand US dollars (10,000.00 USD) or more.

3. Sanctions

In the event of non-compliance with the obligations defined in this Circular, the institution concerned is subject to the following penalties:

a) Reliability of Information

At all times, the amounts declared in the forms provided in the annexes must be those appearing in the institution's accounting books. If the amounts do not match, the BRH may, after an investigation into the circumstances and nature of the violation, impose a penalty of 50% of the difference between the declared amounts and the amounts appearing in the accounting books.

b) Delay in Report Transmission

Failure to provide, within the required timeframe, the compliance reports provided for in this Circular, the institutions concerned incur a penalty of fifty thousand gourdes (HTG 50,000.00) per day of infraction. The penalty period extends from the day the reports must be transmitted to the BRH to the day they are received.

4. Repeal

Annex I of this Circular repeals Annex II of Circular 114-2.

5. Entry into Force

This Circular enters into force on May 19, 2021.

Port-au-Prince, May 11, 2021.

Jean Baden Dubois
Governor

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List of Annexes

Annex	Title
Annex I	Daily Report on Transfers Paid (Without Consideration)
Annex II	Weekly Report on the 30% Held by Money Transfer Houses
Annex III	Weekly Report on the Distribution of the 30% Paid to Sub-Agents
Annex IV	Weekly Report on Withdrawals of 10,000 USD or More Made by Sub-Agents
Annex V	Weekly Report on Deposits Exceeding 1 Million Gourdes Made into Exporters' Accounts

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ANNEX II

DECLARATION FORM

SALE OF THE 30% HELD BY MONEY TRANSFER HOUSES

WEEKLY REPORT

Name of Institution: ________________________
Period (week) from _______________ to _______________
Previous Balance Carried Forward: ________________________

Client Identification	Client Type (E, M, and A)	Total Sales for the Week	Sales Rate	Account No.	Bank
I. Transactions of 10,000 dollars or more
Client 1
Client 2
Client 3
....
....
Sub-total Transactions > 10,000.00 dollars		Sum (1, 2, 3, ...)	Average Sales Rate (Trans. I)
II. Other Transactions (approved)		Sum II	Average Sales Rate (Other II)
Total Sales for the Week		Sum (I and II)	Average Sales Rate
B. Amount Not Yet Sold for the Week

• E = Enterprises; M = Households and A = Others

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ANNEX III

DECLARATION FORM

ALLOCATION OF THE 30% PAID TO SUB-AGENTS

WEEKLY REPORT

Name of Institution: ________________________
Period: (week) From _______________ to _______________

Name of Sub-Agent	Amount	Account Number	Bank
Sub-Agent 1
Sub-Agent 2
Sub-Agent 3
Sub-Agent 4
...
...
...

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ANNEX IV

DECLARATION FORM

REPORT ON WITHDRAWALS OF 10,000 USD OR MORE BY SUB-AGENTS

WEEKLY REPORT

Name of Institution: ________________________
Period: (week) From _______________ to _______________

Name of Sub-Agent	Sub-Agent Account #	Withdrawal Amount	Reason for Transaction	Beneficiary Name	Beneficiary Account #	Beneficiary Bank
Sub-Agent 1
Sub-Agent 2
Sub-Agent 3
Sub-Agent 4
...
...
...

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ANNEX V

DECLARATION FORM

REPORT ON DEPOSITS EXCEEDING 1,000,000.00 GOURDES MADE INTO EXPORTERS' ACCOUNTS

WEEKLY REPORT

Name of Institution: ________________________
Period: (week) From _______________ to _______________

Name of Exporter	Exporter Account #	Deposit Amount	Purpose	Depositor Name	Depositor Account #	Depositor Bank
Exporter 1
Exporter 2
Exporter 3
Exporter 4
...
...
...
...
...

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ANNEX I

DECLARATION FORM

TRANSFERS PAID (WITHOUT CONSIDERATION)

DAILY REPORT

Name of Institution: ________________________
Date: ________________________
Reference Rate: ________________________

	Gourdes	Dollars
A. Total Amount of Transfers Paid on Dollar Accounts		xxxx
Bank 1		xx
Bank 2		xx
Bank 3		xx
B. Total Amount of Transfers Paid (Direct Transfers) at the Day's Reference Rate	xxx	xxxx
B.1 Amount of Transfers (30%) to be Remitted to the BRH at the Reference Rate	xxx	xxx
B.2 Amount of Transfers (40%) to be Remitted to Financial Institutions at the Reference Rate	xxx	xxx
Financial Institution I		xx
Financial Institution II		xx
Financial Institution III		xx
...		xx
B.3 Amount of Transfers Retained by the Money Transfer House and Paid to Sub-Agents (30%)	xxx	xxx
1. Amount Held by the Money Transfer House		xx
2. Amount Paid to Sub-Agents		xx
TOTAL AMOUNT OF TRANSFERS PAID (WITHOUT CONSIDERATION)		xxxx