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AML/CFT Legislation in Costa Rica
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AML/CFT Legislation in Costa Rica

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Regulatory Body of Costa Rica​

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CONASSIF - National Council for the Supervision of the Financial System​

CONASSIF - National Council for the Supervision of the Financial System is a collegiate body of superior management, whose purpose is to provide uniformity and integration to the activities of regulation and supervision of the Costa Rica Financial System. CONASSIF’s labour directive is exercised over: SUGEF, SUGEVAL, SUGESE, SUPEN to:

- Establish the regulation and supervision that contributes to the stability and solvency of the financial system.

- Protect the interests of consumers of financial services and products.

- Ensure the efficient, transparent and complete functioning of the financial markets.

- Promote continuous improvement through the integration and standardisation of processes based on high technological standards.

SUGEF  - General Superintendency of Financial Entities​

SUGEF - General Superintendency of Financial Entities is the supervisory body, which ensures stability, solidity and efficient operation of the national financial system, in strict adherence with legal and regulatory provisions and in accordance with the rules, guidelines and resolutions issued by the institution itself, all in the interests of safeguarding the community.


- Ensure the stability, soundness and efficient functioning of the national financial system

- Supervise the operations and activities of the entities under its controls.- Dictate the general rules that are necessary for the establishment of healthy banking practices

- Dictate the general rules that are necessary for the establishment of healthy banking practices

- Establish categories of financial intermediaries based on the type, size and degree of risk

- Supervise the operations of the entities authorised by the Central Bank of Costa Rica to participate in the exchange market

- Dictate the general rules and guidelines that it deems necessary to promote the stability, solvency and transparency of the operations of the audited entities

- Present reports of its supervision and inspection activities to the National Council for the Supervision of the Financial System

- Fulfil any other functions and attributes that correspond to it, in accordance with the laws, regulations and other relevant provisions

How to comply with SUGEF regulations in Costa Rica​

The following is a list of the regulations and other provisions in force applicable to the financial entities supervised by the SUGEF:

1. Linked Group Registration

2. Formation of Economic Interest Groups

3. Approval for private banks to grant loans to people affected by the scope of the provisions of article 117 of the “Organic Law of the National Banking System”

4. Authorisation and registration of trusts similar to investment, pension and capitalisation funds

5. Appointment of external auditors

6. Registration in the registry of eligible External Auditors

7. Authorisation of the constitution of a new financial group

8. Incorporation of a new entity as part of a Costa Rican financial group or conglomerate

9. Authorisation to modify the bylaws of a savings and credit cooperative organisation

10. Authorisation to participate in the foreign exchange market under the exchange house modality

11. Information on debtors of the national financial system

12. Custody service

13. Deferral of the recording of loan portfolio estimates requested by SUGEF

14. Variations in the capital stock amount of entities supervised by SUGEF

15. Extension of the terms for the sale of goods and securities transferred in payment of obligations in favour of the corresponding financial intermediary, or that were awarded in judicial auctions

16. Record of deferred charges

17. Formation of reserves for amortisation, depreciation, write-off of loans and investments, provisions for legal benefits and exchange fluctuations, and for any other similar purposes

18. Extensions for the submission of accounting information, projected and actual flows, matching of terms, "additional data" and credit information sent or to be sent to SUGEF.

19. Resolution of Conflicts in the Pattern of Audited Entities

20. Provision of information and attention to public enquiries

21. Authorisation of the constitution and the start of financial intermediation activities

22. Authorisation of the constitution and start of activities of cooperative savings and credit organisations and mutual savings and loans

23. Authorisation of the merger of financial intermediaries

24. Authorisation of the transformation of the corporate purpose of a financial intermediary (private banks and non-bank financial companies)

25. Change of name of private banks, non-bank financial companies, savings and credit cooperatives and savings and loan mutuals

26. Voluntary cessation of financial intermediation activities

27. Merger of group companies or financial conglomerate, including merger of controlling entities

28. Separation of a group company or financial conglomerate, or for the voluntary dissolution of the group or financial conglomerate

What are my AML/CTF reporting obligations in Costa Rica?​

Multiple operations totaling more than or equal to $10,000 USD (or its equivalent in national or foreign currency)

Cash transactions worth ten thousand dollars or more in national or foreign currency, or its equivalent in other currencies

Suspicious transactions, such as those carried out outside of usual boundaries and those that, although minor, are repeated on a regular basis and lack clear legal or economic support

Financial institutions and other SUGEF-registered organisations must disclose transactions suspected of being illegal or relevant to them in a confidential and timely manner, including money transfers from abroad or related to them

How can MemberCheck Help?

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Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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