Regulatory Alerts2020-09-21
Added · Updated
Circular 114-2 on Fund Transfers Without Consideration
The Bank of the Republic of Haiti issued Circular 114-2 to establish regulatory norms for international fund transfers without consideration, mandating specific exchange rate applications and resource management protocols for banks and transfer houses. The directive requires strict oversight of sub-agents, including risk profiling, compliance with anti-money laundering rules, and daily transaction monitoring to ensure operational integrity. Institutions face significant financial penalties and administrative sanctions for non-compliance, including late reporting or discrepancies between declared and book amounts.