Bank of the Republic Announces Surcharge to International Transfers

GOVERNOR OF THE BANK, CHARLES CASTEL

PORT-AU-PRINCE, Haiti - Before the increase in international calls sanctioned under the pretext of funding education, the Bank of the Republic of Haiti will introduce a fee on all incoming and outgoing international transfers.

According to Le Nouvelliste , what the extra funds, through at $1.50[USD] fee, will be used for has not been disclosed clearly. The 98th circulation of the bank, signed by Charles Castel, Governor of the Bank of banks is below:

In its efforts to maintain the efficiency, integrity, reliability of the information and the security of the system of payments as well as to promote the inclusion, the HRB has decided to initiate a reform aimed at

• broaden the range of instruments and payment services
• accelerating the dematerialization of the currency and financial inclusion;
• promoting decentralization and extension of the points of payment;
• improve the costs of exploitation and use of liquidity; and access to these means of payment
• strengthen the interoperability of banking infrastructure and payment
• implement a system of surveillance and rèulementation more appropriate; and
• increase the efficiency and stability of payment services.
In accordance with the provisions of the Act, on August 17, 1979, creating the Bank of the Republic of Haiti, the Decree on November 14, 1980, regulating banking activities and the Decree of July 1989 on the homes of transfer, this circular determines the conditions for the implementation of international Haiti fund transfers (incoming and outgoing).

1. Statement of international transfers Commercial banks, savings and housing banks and transfer houses are required to contact each Monday at BREL on paper, the number and the total amount of shipped abroad transfers and received from abroad, regardless of the form in which the beneficiary receives the transfer (species or nature), in accordance with the Declaration in Appendix form. These institutions which required also to send monthly to the BRH the certified copy.

For non-compliance with this section, the institution concerned is subject to the following penalties:

-Reliability of the information At any time, the amounts reported in the form provided in the annex must be those appearing in the books of the institution and the statements in the aforementioned regulators. If the amounts do not match, the BRH, after investigation of the circumstances and the nature of the violation, may impose a penalty of 50% of the difference between the reported amounts and the amounts appearing in the books, without prejudice to the fees payable by the institution.

For repeat offences, the HRB will apply sanctions up to and including the withdrawal of the authorization of operation.

-Delay in the submission of reports
Delays the form submission, the institutions concerned clans incur a penalty of ten thousand gourdes (HTG 10,000.00) per day of infringement. The penalty period extends the date where the form should have be sent to the BRH to the day when it receives. Than eight (8) days of delay, the amount of the penalty will be doubled. More than one (1) month of delay, the HRB can take sanctions up to and including the withdrawal of the authorization of operation.

-Payment of penalties
The HRB will send notice with acknowledgement of receipt, to the institutions concerned the amount of penalties. The penalties must be settled by cheque for management on the agenda of the Bank of the Republic of Haiti within eight (8) days from the date of receipt of the notice.

-Inspection
Inspections can take place at any time in the implementation of the present.

2. Use and use of the payment of the HRB platform Commercial banks, savings and housing banks and transfer houses are required to use the platform of payment of the HRB for the treatment of all transfers of international funds on Haiti (inbound and outbound). They are required also to offer their customers the option to receive transfers by universally accepted electronic payment instruments.

Mechanisms for Exchange of data, of execution, clearing and settlement of the payment platform for the treatment of international transfers on Haiti (incoming and outgoing) will be enacted by the BRH.

Costs of test, certification, use and inspection of 1.50 USD will be applied per transaction for services payment and access at different points across the country. These fees will be billed on a monthly basis and shall be paid before the 10th of each month by check for direction.

Moreover, which costs are not applicable on transfers from banks for their own account. In other words, transfers for businesses and individuals are covered by these costs.

3 Interfaces with the platform of the BRH
The BRH will establish by way of provisions règlernentaires the deadline for the implementation of the interfaces with the payment platform.

This circular shall enter into force on June 1, 2011.

Port - au Prince, may 20, 2011