Reminder Note Regarding Circular 114-2

The Bank of the Republic of Haiti (BRH) mandates that banks and money transfer houses ensure their sub-agents strictly comply with Circular 114-2 by publicly displaying and applying the BRH's published reference and average acquisition rates for all international remittance transactions. Financial institutions must also submit quarterly reports to the BRH detailing any sub-agent violations and the corresponding disciplinary actions taken. Non-compliance with these monitoring and reporting obligations will result in sanctions under Section 5 of Circular 114-2.

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Bank of the Republic of Haiti
The Deputy Governor

To Banks and Money Transfer Houses
Reminder Note

In the context of the implementation of Circular 114-2, the Bank of the Republic of Haiti (BRH) reminds banks and money transfer houses that they are required to ensure that their sub-agents comply with the provisions of said circular when conducting international remittance activities without counterpart. In particular, they must ensure that these sub-agents display the reference rate and the average acquisition rate published by the BRH in a visible location at all their service points, and that these rates are actually used to settle transfers.

Furthermore, banks and money transfer houses must submit to the BRH quarterly a list of sub-agents who violate the provisions of the aforementioned circular, along with the measures taken against them.

Failure to ensure this monitoring will subject them to the sanctions prescribed in Section 5 of Circular 114-2.

Port-au-Prince, April 20, 2022.

[Signature]
Georges Henry

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Source: Banque de la Republique d'Haiti — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works