Costa Rica News – The Costa Rica banking system has been under scrutiny and it seems the banking institutions have started to take actions to implement risk management techniques to try to become financially transparent.
Banks in Costa Rica are seeking to better identify the people who are at high risk for committing crimes like money laundering. They will improve the mechanisms in place for tracking illegal activities.
This goal to classify customers according to their risk shouldn’t negatively affect the majority of people. Those who save in banks could actually see a higher profit this year, as the banks gain control, better allocate resources, and increase interest rates, for both dollars and colones.
These changes are a part of the modernization of the Act 8204 regulations, which are against money laundering and terrorist financing. The National Council of Financial System Supervision approved the changes.
Automatic monitoring policies will electronically scan for abnormal transactions. They are also working to unify the paperwork that’s needed for certain transactions. It will become a comprehensive analysis of information relevant to risk management.
Hopefully as these risk management methods are implemented it will cut back on the number of scammers and thieves within the borders of Costa Rica.