Banco Nacional Limits
Amount of Transaction
For Non Customers
In an attempt to reduce
fraud and money
laundering the state
bank, Banco Nacional (BN),
has decided to limit the
the amount of exchange
if the customer is not a
bank client.
The BN has said it will
not buy or sell more
than us$2.000 unless the
person is a bank
customer, according to
Francisco Araya, a
spokesperson for the
bank.
Araya explained that the
bank wants to avoid
money laundering by
setting the lower limit
rather than the
us$10.000 limit used at
all other banks, both
private and state.
Banks are required to
report any transaction
of us$10.000 or higher
to the Superintendencia
General de Entitades
Financieras (SUGEF) -
the banking regulator -
be it by a person by a
corporation.
Araya explained that BN
customers can effect
transactions for more
than us$2.000 as their
information is already
on file.
The bank spokesperson
added that a person who
approaches the bank to
make a transaction over
the us$2.000 limit will
be asked to open an
account and required to
fill out their form "Conozca
a su cliente' (know your
customer), after which
they can make
transactions for any
amount.
Araya did not say how
long it takes for an
account to be opened,
which can take from
minutes to days,
depending on the
customer and the branch. |
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