Costa Rica News – At least 30,000 supervisors, individuals and companies are expected to register with Sugef. Pawn shops, casinos and lenders have to do so or the banks will have to close their accounts.
This mandatory registration must take place on the Superintendent’s page, between January and June 2019. This applies to all new companies as well as people subject to supervision.
If a company that issues credit cards or lends money, works with precious metals or stones, or sells real estate fails to register they risk having their financial accounts closed. This is to help fight against money laundering and the funding of terrorism.
Lawyers and accountants and money managers also have to register as do non-profits that are related to countries classified as risky. This comes from the reform approved in May 2017. Legal changes were approved based on weaknesses found by the Financial Action Task Force in 2015.
