Additional Note to Circular 114-3 to money transfer houses
Summary — Additional Note to Circular 114-3 to money transfer houses of the Bank of the Republic of Haiti — an instrument published alongside circular 114-3 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 circular took effect and was partly suspended on the same day. Issued on 3 October 2022, the date Circular 114-3 entered into force, this note puts two of its obligations on hold for three months.
- The first suspension is the substantive one for remittance recipients: the requirement to make transfers into savings accounts only, in the first sentence of the second paragraph of section 1.1. Its suspension means transfers into dollar accounts continued as before for the period.
- The second concerns the distribution chain: the obligation imposed on transfer houses' sub-agents in the last paragraph of section 1.4, on the conditions for selling the foreign currency they obtain through their business relations with the transfer houses.
- The stated reason is capability, not policy. The note says the decisions give authorized transfer agents, banks and transfer houses alike, the additional time needed to develop and put in place the control tools that full application of Circular 114-3 requires.
- The note is signed by the Governor and applies to banks and money transfer houses together, so the suspension covers both channels through which remittances are paid out.
Full Document Text
Extracted text from the original document for search indexing.
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Banque de la République d'Haïti
NOTE ADDITIONNELLE #1
CIRCULAIRE 114-3
AUX BANQUES ET MAISONS DE TRANSFERT
Dans le cadre de la mise en application de la Circulaire 114-3, entrée en vigueur le 3 octobre
2022, la Banque de la République d’Haïti décide de mettre en veilleuse pour une période de
trois (3) mois :
a) l'obligation de réaliser les transferts sur les comptes d'épargne uniquement qui figure
dans la première phrase du deuxième paragraphe de la section 1.1. Par conséquent, les
transferts sur compte en dollars continueront à être effectués comme auparavant
jusqu’à l'expiration de la période de mise en veilleuse.
b) l'obligation faite aux sous-agents des maisons de transfert dans le dernier paragraphe
de la section 1.4 traitant des conditions de vente des devises obtenues dans le cadre de
leurs relations d’affaires avec les maisons de transfert.
Il demeure entendu que ces décisions sont prises afin d'accorder aux agents de transfert
autorisés (banques et maisons de transfert) le temps additionnel nécessaire pour le
développement et la mise en place des outils de contrôle adéquats que nécessite la mise en
application totale de la circulaire 114-3.
Port-au-Prince, le 3 octobre 2022
Jean Baden Dubois
Gouverneur
& www.brh.ht| Angle des rues Pavée et du Quai, Port-au-Prince, Haïti | Téléphones: (509) 22.99.11.88 | © @BRHHaïti | ê.
How to cite
Banque de la République d'Haïti (BRH), 2022, Additional Note to Circular 114-3 to money transfer houses, https://www.brh.ht/wp-content/uploads/Note-additionnelle-No1-Circulaire-114-3.pdf