Reminder Note to Circular 114-2 to money transfer houses
Summary — Reminder Note to Circular 114-2 to money transfer houses of the Bank of the Republic of Haiti — an instrument published alongside circular 114-2 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 reminder makes banks and transfer houses answerable for their sub-agents, not merely for their own conduct: they are required to have their sub-agents apply Circular 114-2 in international transfers without counterpart.
- Two concrete duties are named. Sub-agents must display the BRH reference rate and the average acquisition rate in a place visible to all at every service point, and those rates must actually be used to settle transfers. Display without use is treated as non-compliance.
- Enforcement is delegated upward with a reporting obligation: banks and transfer houses must send the BRH a quarterly list of the sub-agents that breach the circular and the measures taken against them.
- The sanction is aimed at the principal, not only the sub-agent. If banks and transfer houses fail to carry out that monitoring, they are themselves subject to the sanctions set out in section 5 of Circular 114-2.
- The note is dated 20 April 2022 and signed by the Deputy Governor, which places it between the entry into force of 114-2 and the later 114-3 sequence, and indicates that rate display at the point of service was not being observed.
Full Document Text
Extracted text from the original document for search indexing.
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ÈS Banque de la République d'Haïti
Le Gouverneur Adjoint
Aux Banques et aux Maisons de transfert
Note de rappel
Dans le cadre de l'application de la Circulaire 114-2, la Banque de la République d'Haïti
(BRH) rappelle aux banques et maisons de transfert qu'elles sont tenues de faire
appliquer les dispositions de ladite circulaire par leurs sous-agents dans l'exercice des
activités de transferts internationaux sans contrepartie. Notamment. elles doivent
s'assurer que ces derniers affichent le taux de référence et le taux moyen d'acquisition
publiés par la BRH dans un endroit visible de tous leurs points de service et que ces taux
soient effectivement utilisés pour le règlement des transferts.
Par ailleurs, les banques et les maisons de transfert doivent faire parvenir à la BRH
trimestriellement la liste des sous-agents qui contreviennent aux dispositions de la
circulaire en question et les mesures prises à leur encontre.
Faute par elles d'assurer ce suivi. elles seront sujettes aux sanctions prescrites par la
section 5 de la circulaire 114-2.
Port-au-Prince, le 20 avril 2022.
__ Georges Henry
& www.brh.ht [Angle des rues Pavée et du Quai, Port-au-Prince, Haïti | Téléphones: (509) 22.99.12.00 / 22.99.12.01| WŸ GBRHHaïti| Br
How to cite
Banque de la République d'Haïti (BRH), 2022, Reminder Note to Circular 114-2 to money transfer houses, https://www.brh.ht/wp-content/uploads/note-de-rappel-circulaire-114-2.pdf