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Court confirms sanction against Scotiabank in Costa Rica for breaching anti-money laundering rule

(QCOSTARICA) The Administrative Court (Tribunal Contencioso Administrativo) upheld the sanction imposed on Scotiabank, by the General Superintendence of Financial Entities (Sugef), for failing to comply with the anti-money laundering regulations in Costa Rica. The judges declared without merit, on May 11, the request of the...

Interest Rates Caps and Debtor Exclusion

In Costa Rica, a bill under discussion seeks caps on interest rates on loans, a measure that could lead to a reduction in credit for higher-risk borrowers. As part of the discussion in the Legislative Assembly, the heads of the Central Bank of Costa Rica...

Financed Appliances And Telephones Would Be Part of New Credit History

Purchases of appliances and electronics, among others, financed by a retailer would be included in the credit database compiled by the Superintendencia General de Entidades Financieras (Sugef) - General Superintendence of Financial Institutions (Sugef), under a proposal by President Carlos Alvarado. Currently, direct financing by...

Costa Ricans Drowning In Consumer Debt

Ticos (Costa Ricans) have always had the habit of spending more than they earn. Interested more in showing off a new car, the latest watch or cellular phone, etc, drowning in credit card debt, placing aside austerity and spending limits. According to the MEIC, the...

Changes in financial supervision approved

By a vote of 41 (of 57), legislators approved reforms that expand the powers of General Superintendent of Financial Institutions (SUGEF) to regulate and supervise financial entities abroad and financial companies that are part of a Costa Rican financial group or conglomerate. For example, in...

Former General Manager of BCR rejected as a “high risk” client by Banco Popular

Imagine being once the head of Costa Rica's State bank, the Banco de Costa Rica (BCR) and being turned down as a client by, for being "high risk", at the Banco Popular y de Desarrollo Comunal (Banco Popular), the "third" of the State banks. That...

Sugef relaxes bank reserves to boost credit

The Superintendencia General de Entidades Financieras (Sugef) - General Superintendency of Financial Institutions - relaxed the rule that requires financial institutions to create reserves to protect themselves in case of deterioration of their loans. The decision was made to "free" resources to financial institutions for...

State Bank Faced With Declining Revenues and Rise In Bad Debts Calls For Government Aid

(QCOSTARICA) Facing financial problems, the Costa Rica state bank, the Banco Crédito Agrícola de Cartago (Bancrédito) has put forth a plan that includes a call for the transfer of state businesses, the administration fo the PYMES and Conape funds and a cash injection of...

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