Haiti Tightens Regulatory Requirements for Banks Amid Efforts to Combat Illicit Cash Flows
Enhanced Banking Regulations in Haiti
The Haitian government has announced a series of regulatory requirements aimed at strengthening the country’s banking sector and combating illicit cash flows. The new measures, which come into effect on October 1, 2020, are part of Haiti’s efforts to implement stricter anti-money laundering (AML) regulations in line with international standards.
Interconnected ATM Systems
One key feature of the new regulatory requirements is the interconnection of ATM systems among major banking institutions. Debit card holders will be able to withdraw cash from any ATM bearing the “PRONAP” logo, indicating interoperability. This move aims to promote greater efficiency and convenience for customers, as well as reduce transaction costs.
Strengthened Know-Your-Customer (KYC) Requirements
As part of its efforts to combat illicit cash flows, Haiti has also strengthened KYC requirements for banks and other financial institutions. Banks will be required to verify the identity of their customers, including individuals and businesses, through a range of documentation, including:
- Valid identification cards
- Passports
- Proof of address
Increased Minimum Deposit Requirements
The Haitian government has also increased minimum deposit requirements for bank accounts. Individuals opening an account in local currency must deposit at least HTG 2,500 (approximately $185), while businesses must deposit at least USD 2,500.
Foreign Exchange Controls
Haiti’s foreign exchange controls have been relaxed in recent years, allowing residents to hold and transfer foreign currency with relative ease. However, the government has expressed its intention to put in place stricter measures to monitor money transfers in accordance with international AML regulations.
Banking Infrastructure in Haiti
- Citibank is the only U.S. bank operating in Haiti, primarily serving corporate accounts.
- There are no local correspondent banks in Haiti, which may limit access to foreign exchange markets for businesses.
For more information on financing options in Haiti, including trade finance and investment climate conditions, please refer to the Investment Climate Statement 2023.