December 18th, 2013 (InsideCostaRica.com) If you have a bank account in Costa Rica, you have until Sunday, December 22nd to comply with “Know your Customer” regulations in order to avoid having your accounts being frozen or possibly closed.
Sunday is the deadline given by the Costa Rican Banking Association (ABC) to comply with “Know Your Customer” regulations. The process began on September 16th.
In order to comply with the regulation, account holders need to visit their bank and complete a “Know Your Customer” form.
Those holding accounts in their own name must also provide identification documents, and financial information such as payroll stubs, income certifications, proof of salary or income, list of their employers, and other information.
Those holding accounts in the name of a business must also complete the Know Your Customer form, as well as provide financial information and certifications including accounting records, audited financial statements for the last fiscal period, and additional information.
Those whole fail to comply face having their accounts frozen or closed.