Change in the Financial Superintendent
In Costa Rica, exactly at a time when financial operators are asking for greater flexibility, the mandate of the “hard hand of SUGEF” comes to an end.
Monday, February 23, 2009
Upon finalizing his 5 year mandate as the head of the General Superintendent of Financial Companies of Costa Rica, the current Superintendent, Oscar Rodriguez Ulloa, whose management was characterized by productivity in regulations that modernized banking norms and also by an inflexibility in his dealings with supervised companies, will terminate his post on the 28th of February.
Francis Lay was appointed Superintendent General of Financial Institutions for the next 5 years.
Sugef has increased controls on transfers exceeding $10,000, as a measure of preventing money laundering and terrorist financing.
CONASSIF (National Council for Financial System Supervision) of Costa Rica tempered several risk indicators that would allow banks to offer better repayment terms to their customers.
Approved modifications to the Central Bank Law will allow the Suget to review, request information, and if necessary, intervene in any of the companies than make up the financial groups.
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