Sunday, June 16, 2019

Over 29,000 Bank Accounts Risking Being Closed in Costa Rica

30,000 people and companies are under obligation to register with Sugef before July 1 yet only 636 have done so. That represents just 2% of those required.The other 29,364 risk having their bank accounts closed.

Those who must register include people and companies offering services that may be susceptible to money laundering. These include physical and virtual casinos, merchants of precious metals and stones, companies that exchange operations of money and transfers, issuers of traveler’s checks or money orders, credit card issuers, lenders, pawnshops, nonprofits receiving money from countries with risk of money laundering, and those involved in real estate. This includes certain lawyers and accountants who are involved in money management of customers, purchase of legal entities, and purchase and sale of real estate.

This registration follows an evaluation by the Financial Action Task Force that found weaknesses in the prevention of money laundering and financing of terrorism in Costa Rica in July 2015. Costa Rica approved a law to correct these deficiencies in May 2017.

Those required to register with Sugef who do not do so will be reorted to the ICD as possible subjects that perform activities of narcotics, psychotropic substances, drugs for unauthorized use, money laundering and financing of terrorism

Registration can be done at https://www.sugefdirecto.sugef.fi.cr and requires the digital signature certificate. Questions about this can be answered at 2243-4758, 2243- 4761 or 2243-4771.

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