Regulatory Alerts2023-11-29
Guidelines for Savings and Credit Cooperatives
The Central Bank of Haiti (BRH) has issued mandatory guidelines requiring Savings and Credit Cooperatives (SCCs) to implement comprehensive anti-money laundering, terrorist financing, and proliferation financing prevention programs. These guidelines mandate strict client identification and due diligence procedures, continuous employee training, robust internal controls with independent testing, and the appointment of dedicated compliance officers to ensure ongoing regulatory adherence. Non-compliance will trigger BRH inspections and sanctions, while all suspicious transactions must be promptly reported to the Central Unit for Financial Intelligence (UCREF) or documented internally per the April 30, 2023 decree.
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