Regulatory Alerts2022-08-25
Added · Updated
Circular No. 118-1 on the Submission of Reports Regarding Transfer and Foreign Exchange Operations
The Banque de la République d’Haïti requires banks and money transfer houses to submit daily and weekly electronic reports on international transfers and foreign exchange operations via the BSA software or APIs. Specific obligations include reporting daily transfers paid without consideration, weekly sales of dollars allocated to authorized agents, weekly allocations to sub-agents, weekly withdrawals by sub-agents exceeding 10,000 USD, and weekly deposits exceeding 1,000,000 HTG into exporters' accounts. Institutions must also submit a list of their sub-agents within eight days of the circular's publication. Non-compliance results in penalties, including a 50% fine on discrepancies between declared and accounting amounts and a daily fine of 50,000 HTG for late submissions. This circular repeals Circular 118 and entered into force on September 5, 2022.
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