Bank customers who do not update (actualicen in Spanish) their personal information with their local bank, within the next three months, could face possible closing of their accounts.
The measure is in prevention of bank fraud, money laundering and “terrorist financing”.
The campaign “know your customer” (conozca su cliente in Spanish) is based on Ley 8204 on narcotics, psychotropic substances, unauthorized drugs, related activities, money laundering and terrorist financing, requiring all banks and financial intermediaries to have their customer information updated.
The Superintendencia General de Entidades Financieras (Sugef) – banking regulator – has set a date of December 31, 2013 for financial institutions – and their customers – to comply.
The information banks are required to have current is personal data like phone numbers, home address, occupation of the account holder, economic activity and source of income or funds, among other items.
Foreigners in Costa Rica who do not have a job, for instance, will be required to provide a financial statement by a Certified Public Accountant (CPA).
According to Gilberto Serrano, president of the ABC, nationals and foreigners residing outside the country must also update their date at local banks where they maintain accounts.