Regulatory Alerts2016-03-02
Added · Updated
Circular No. 98 and Related Letters on International Money Transfers
Circular No. 98 mandates commercial banks, savings and housing banks, and money transfer houses to submit weekly and monthly reports on international fund transfers to the Bank of the Republic of Haiti (BRH) and to use the BRH's payment platform. The regulation imposes a fee of USD 1.50 per transaction for payment services, with penalties of HTG 10,000 per day for late reporting and up to 50% of the discrepancy for unreliable data, potentially leading to license revocation. Subsequent circulars clarify that the USD 1.50 fee applies to both incoming and outgoing transfers, is excluded from VAT calculations, and becomes effective on June 15, 2011, for specific regions, with full reporting requirements starting July 1, 2011. Additionally, institutions must offer payment in local currency at market rates if accepted by the beneficiary, with daily exchange rates displayed at all payment points.
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