Regulatory Alerts2024-06-01
Added · Updated
Circular 114-3 Regarding Unremunerated Fund Transfers
The Bank of the Republic of Haiti issued Circular 114-3 to establish regulatory standards for international unremunerated fund transfers, mandating specific exchange rate caps, resource management ratios, and sub-agent oversight protocols for banks and money transfer houses. The regulation requires institutions to enforce strict compliance measures, including daily transaction monitoring, risk profiling of sub-agents, and the prohibition of gambling establishments from acting as sub-agents. Non-compliance triggers significant administrative penalties, including fines for reporting delays and discrepancies, while the central bank reserves the right to adjust monetary thresholds based on market conditions.
More like this from BRH
We email you every new BRH publication the day it's published.