Regulatory Alerts2019-05-17
Circular 109-1 on the Disclosure and Display of Interest Rates, Tariffs, Fees, Commissions, and Overdraft Charges, and the Management of Inactive Accounts
The Bank of the Republic of Haiti issued Circular 109-1 to mandate the transparent disclosure and display of all interest rates, fees, and commissions for banking products and services. The regulation establishes strict definitions for inactive and abandoned funds, prohibits inactivity fees on dormant accounts, and bans counting fees for cash deposits in gourdes. Banks face significant daily financial penalties for non-compliance with reporting deadlines, display requirements, and the proper handling of inactive accounts.
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