Notice to Banks and Savings and Credit Cooperatives on Client Risk Profiles
- Banks and savings and credit cooperatives must ensure that all client transactions match the client's risk profile set at the start of the relationship.
- Each client's risk profile must be kept current and reflect the categories and size of the client's usual or occasional transactions.
- When an anomaly is detected, the bank must archive a report on the operation and file a suspicious transaction declaration with the UCREF.
- The BRH will apply administrative sanctions to any bank that allowed operations not matching the client's risk profile.
In this one-page notice the BRH reminds banks and savings and credit cooperatives that they must check that each client transaction matches the risk profile set when the business relationship began, and that each profile is kept current. The duty of vigilance applies at all times to every economic aspect of an operation. Banks must set criteria to detect anomalies that expose them to reputational, operational and legal risk.
For an anomaly, the bank must prepare and archive a report on the operation and file a suspicious transaction declaration with the Central Financial Intelligence Unit (UCREF). The BRH states that, under the laws and regulations in force, it will apply administrative sanctions to any bank that allowed clients to carry out operations that did not match their risk profile.
How to cite
Bank of the Republic of Haiti (BRH), 2019, Notice to Banks and Savings and Credit Cooperatives on Client Risk Profiles, https://www.brh.ht/wp-content/uploads/Avis-aux-Banques-et-aux-Caisses-dEpargne-et-de-Crédit-mai-2019.pdf
- Rights holder
- Banque de la République d'Haïti (BRH)