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COSTA RICA |
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Banco Popular Draws Line On Account Update:
December 21
December 21 is the date the Banco Popular
has chosen to have all its customers have
their account information update or face
suspension of the account, including turning
off credit cards.
Geovanny Garro, manager of business for the
state bank, said the bank will be taking a
hard line against customers have not updated
their information, that could result in the
closure of the account in some cases.
Customers of banks in Costa Rica - state and
private - are required under Ley 8204 to
update their account information and
"justify" the source of funds in their
accounts.
The banks are required to ask their
customers the origin of their funds on
deposit or future deposits to comply with
the law.
Banks are asking for their customers to
provide proof of residence, including the
rental contract for renters, a financial
statement by a certified public accountant
if they are self or not employed and
detailed and specific explanation of the
source of their income.
In the case of corporate accounts, a copy of
the corporate ID and authorization is
required.
Although the Banco Popular is the only bank
to set a specific date or else, other banks
are expected to follow suit as they comply
with the law "Legitimación de Capitales" in
an attempt to curb money laundering from
drug trafficking and other illegal
activities.
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