Financial Crime World

Haiti’s Banking Industry Embraces Interconnected ATM Systems, Enhancing Compliance

The Haitian Central Bank (BRH) has announced that major banking institutions will be interconnected through a single ATM system, effective October 1, 2020. This new system, dubbed “PRONAP,” allows debit card holders to make withdrawals from any ATM bearing the logo, regardless of their bank affiliation.

Streamlining Financial Transactions

The PRONAP system aims to streamline financial transactions and boost compliance in Haiti’s banking industry. With this development, customers can now access cash from any participating ATM, eliminating the need for multiple cards or accounts.

Banking Industry Compliance

As part of efforts to strengthen its financial sector, Haiti is working to improve banking industry compliance. The PRONAP system is a key step towards achieving this goal.

Opening Bank Accounts in Haiti

Resident and foreign individuals alike can open bank accounts in Haiti with the following requirements:

  • Minimum deposit requirement: HTG 2,500 (approximately $185 as of September 2023) in local currency or USD 2,500
  • Valid identification
  • Proof of address
  • Completed application form

Foreign Exchange Controls

Haiti has relaxed foreign exchange controls, with no restrictions on the inflow or outflow of capital. The Law of 1989 governs international transfer operations and remittances, which account for approximately 11% of GDP.

Convertibility of Haitian Gourde (HTG)

The HTG is convertible for commercial and capital transactions, with banks and currency exchange companies setting their rates at the market-clearing rate. The BRH publishes a daily reference rate, which is a weighted average of exchange rates offered in the formal and informal markets.

Challenges and Measures to Improve

In recent years, the gourde has experienced significant fluctuations, leading to concerns about predictability and investor confidence. To address these issues, the government plans to implement stricter measures to monitor money transfers and deter illicit cash flows, as mandated by the 2013 Anti-Money Laundering Act and the expected implementation of an agreement on the United States Foreign Account Tax Compliance Act (FATCA).

Banking Industry Support

The banking industry in Haiti is supported by Citibank, the only U.S. bank in the country, which primarily serves corporate accounts. While there are no local correspondent banks, customers can access a range of financial services through the interconnected ATM system and other institutions.

Additional Resources

For more information on banking in Haiti or financing options, please refer to the Haiti Investment Climate Statement 2023.