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Costa Rican Banks to Close Accounts Suspected of Money Laundering

Costa Rica News – This ought to be fun for anyone that has either legitimate or illegitimate businesses running money though Costa Rican bank accounts.  We all know that Costa Rican goes from one extreme to another…..this will probably be the same.  

costa rica money launderingBanks are now required to close accounts suspected of being used for money laundering. The country’s rules meet external standards.

This is to prevent terrorist financing.

Banks may also refuse to open accounts for customers who cannot adequately justify the origin of the money coming in. In these cases, the customers would be documented and reported.

It was on May 3rd that the reform was endorsed, making changes to the Law on Narcotics, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Money Laundering and Terrorist Financing.

The law makes rules tougher.

The banks become responsible for large movements of money without justification. Banks must adopt appropriate measures to manage their own risks.

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