October 2nd, 2013 (InsideCostaRica.com) The Superintendent of Financial Institutions (SUGEF) is strengthening its monitoring of bank transactions equal to or greater than $10,000 USD as part of a plan to increase its measures against money laundering and terrorist financing.
The new regulation requires financial institutions to gather more detailed information on customers performing such transactions, regardless if the customer is an individual or business, Costa Rican or foreign.
While SUGEF’s press statement was vague, the legislation requires banks to gather information on all shareholders of a corporation who possess at least 10% of shares, and to ensure that foreigners provide Costa Rican – issued identification (cedulas).
“The legislation provides that supervised institutions should conduct risk management against money laundering and terrorist financing that allows them to know the customer and identify their risks,” said SUGEF chief, Javier Cascante.
During 2012, financial institutions in the country reported 1.7 million transactions equal to or greater than $10,000, half of which were in cash.