Notice to Circular 114-1 to money transfer houses
Summary: Notice to Circular 114-1 to money transfer houses of the Bank of the Republic of Haiti — an instrument published alongside circular 114-1 to money transfer houses, not the circular itself. Circulars are the operative prudential rules for supervised institutions, covering matters such as capital and liquidity requirements, credit-risk and governance standards, reserve requirements and foreign-exchange rules.
Key Findings
- The notice does one thing: it fixes 3 August 2020 as the entry into force of Circular 114-1 on transfer operations without counterpart, the BRH's rule on international remittances.
- The date was set in response to the industry. The notice states that it follows requests from several money transfer houses, so the start date is a negotiated one rather than a supervisory deadline imposed and held.
- It is addressed to the directors general of banks and money transfer houses together, which is the population the 114 series regulates: remittance handling is supervised across both channels, not only through the non-bank operators.
- The notice carries the reference BRH/SBIF/20#72 and is dated 23 June 2020, giving about six weeks between publication and entry into force.
- Read alongside the other instruments in this series in the corpus, this is the first of several date adjustments to the 114 circulars: 114-3 was later postponed and then partly suspended, which makes the sequence a record of how long the remittance rules took to bind.
How to cite
Bank of the Republic of Haiti (BRH), 2020, Notice to Circular 114-1 to money transfer houses, https://www.brh.ht/wp-content/uploads/Avis-Report-date-entrée-en-vigueur-Circulaire-114-1.pdf