Costa Rica News – When it comes to money laundering Costa Rica has made quite a few headlines recently.
After an investigation of the bank’s activities on American soil, in November an alert was issued. The branch located in Miami, Florida has a lack of controls in place to combat illicit money income.
The bank received one of the worst scores, a 3, on the SOSA rating. It has financial weaknesses and oversight issues. Greater controls and transparency are needed.
A note of warning was also issued to the bank’s owners, Banco Nacional de Costa Rica and Banco de Costa Rica.
The management has not addressed the issues in a timely manner. Six demands have now been issued to fix specific parts of the problems, such as IT infrastructure and a new audit.