Home Costa Rica Legal TopicsBanking Laws and Regulations Costa Rican Banks Want More Information

Costa Rican Banks Want More Information

by Super User

Costa Rican Banks are demanding more information from their existing account holders.

The Costa Rican Financial Regulatory Agency – SUGEF – has demanded that all banks under their supervision update their client account information to bring the accounts into compliance with new Anti Money Laundering and anti Terrorism legislation.

Even if you have been a customer of a Costa Rican bank for a long period of time there will be no exception to comply with the new legislation.    If a bank customer fails to provide the updated information to the bank then the account will be frozen under the information is updated.  If the customer does not comply then the bank will close the account.

The information being requested by the banks are as follows:

For Personal Accounts:

1.  Copy of your identification document

2.   Proof of your income sources.  You can provide a pay stub, tax return, a certification of income or any other document that will allow the bank to verify your sources of income.

3.   Original and a photocopy of a public utility bill which will allow the bank to verify your exact place of residence.

4.    Fill out the Know Your Customer Form (KYC) provided by the bank

If your bank account is in the name of a corporation then the information that must be provided are as follows:

1.  Certificate of Corporate Standing issued by a Notary Public or the National Registry.  The certificate may not be more than 30 days old.

2.   Disclosure of company shareholders.  The bank will require a certification of the shareholder registry indicating the shareholders of the company.

3.  Copy  of your identification document and any other corporate officer that will sign on the account.

4.  Company financial statements or a company tax return.

5.  Original and a photocopy of a public utility bill which will allow the bank to verify the exact address of the company.

6. Fill out the Know your Customer Form Provided by the bank.

Banks have initiated information campaigns to notify their customers of the new requirements.  In the example below BancCredito is informing their customers that they have ten days from publication of the notice in the newspaper to complete the updated information.  Failure to do so will result in all deposits to the account being blocked and failure to comply after that will result in the account being closed.

So. If you want to bank in Costa Rica get your forms ready before your account gets closed.   





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