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BRH Strengthens Surveillance of International Financial Operations

  • June 3, 2024
  • 2 Min
  • 10

On May 31, the Bank of the Republic of Haiti (BRH) published a notice reminding banks and transfer houses of their rigorous obligations regarding the control of subagents participating in payment transactions and international transfers. The BRH emphasizes the need for these institutions to verify that their sub-agents comply with the regulations in force.

In particular, banks and transfer houses must ensure that their subagents scrupulously apply the provisions of Circular 114-3, which defines the standards and procedures to guarantee the compliance and security of international financial transactions. The BRH also reminded electronic payment service providers to comply with the requirements of Circular 121, stressing that any failure could result in sanctions.

This BRH opinion aims to strengthen the vigilance and responsibility of financial institutions in terms of control of sub-agents, in order to ensure the transparency and security of financial operations in Haiti. Banks, transfer houses and electronic payment service providers must therefore intensify their efforts to strictly comply with the established regulations, under penalty of severe sanctions.

Mackenson PHANOR

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