Bank of the Republic of Haiti

CIRCULAR

No. 95-4

TO FINANCIAL INSTITUTIONS

This circular defines the conditions and procedures for the transmission of transaction reports and establishes the transaction reporting thresholds.

1. General Provisions

Pursuant to Article 17 of the Decree of April 30, 2023, combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction in Haiti, Article 175 of the Law of May 14, 2012, on banks and other financial institutions, and Article 34 of the Decree of November 25, 2020, on foreign exchange intermediaries, all financial institutions designated below are required to complete a transaction report for the amount indicated in Section 2 of this circular, for any cash transaction carried out by all regular or occasional clients, whether it is a single operation or multiple operations that appear linked to each other, and for all fund transfers or electronic wire transfers.

Transaction report forms, following the models developed by the Central Financial Intelligence Unit (UCREF), must be transmitted electronically daily to this institution or on paper no later than three (3) business days for all financial institutions located in the metropolitan area and five (5) business days for all financial institutions located in provincial cities, after they have been completed. Copies of said forms must be properly indexed and available for inspection by the BRH.

2. Transaction Reporting Threshold

2.1. Banks

Banks must complete a transaction report for any cash transaction, fund transfer, or electronic wire transfer of an amount equal to or greater than one million one hundred thousand gourdes (HTG 1,100,000.00) or its equivalent in foreign currencies.

2.2. Money Transfer Houses

Money transfer houses must complete a transaction report for any fund transfer of an amount equal to or greater than one hundred ten thousand gourdes (HTG 110,000.00) or its equivalent in foreign currencies.

2.3. Foreign Exchange Offices

Foreign exchange offices must complete a transaction report for any cash transaction of an amount equal to or greater than one million one hundred thousand gourdes (HTG 1,100,000.00) or its equivalent in foreign currencies.

Foreign exchange offices must complete a transaction report for any transaction carried out by bank transfer of an amount equal to or greater than three hundred fifty thousand gourdes (HTG 350,000.00) or its equivalent in foreign currencies.

2.4. Savings and Credit Cooperatives

Savings and credit cooperatives must complete a transaction report for any cash transaction of an amount equal to or greater than one million one hundred thousand gourdes (HTG 1,100,000.00) or its equivalent in foreign currencies.

2.5. Microfinance Companies

Microfinance companies must complete a transaction report for any cash transaction of an amount equal to or greater than one million one hundred thousand gourdes (HTG 1,100,000.00) or its equivalent in foreign currencies.

3. Sanctions

In the event of non-compliance with the obligations defined in this circular, financial institutions are subject to penalties and administrative measures, without prejudice to other sanctions that may be imposed on the offending institution, pursuant to the Law of November 11, 2013.

a) Absence of Form

Failure to complete the transaction report form mentioned in Section 2 subjects financial institutions to a fine of one hundred fifty thousand gourdes (HTG 150,000.00) per day of violation.

The penalty period extends from the day a transaction should have been reported to the UCREF to the day the BRH detects the violation.

b) Delay in Transmission of Form

In the event of delay in transmitting a transaction report form, financial institutions are subject to a penalty of ninety thousand gourdes (HTG 90,000.00) per day of violation.

The penalty period extends from the day the form should have been transmitted to the UCREF to the day it is received.

c) Non-transmission of Form

In the event of non-transmission of a duly completed transaction report form to the UCREF, financial institutions are subject to a penalty of one hundred seventy-five thousand gourdes (HTG 175,000.00) per day of violation.

The penalty period extends from the day the form should have been transmitted to the day the BRH detects the violation.

4. Repeal and Entry into Force

This circular repeals Circular No. 95-3 and enters into force on November 21, 2023.

Port-au-Prince, November 21, 2023.

Ronald Gabriel
Governor