Guatemala: Banking Authority Launches New Agency

The Guatemalan Banking Regulator (SIB) has opened a new information office in the Quetzaltenango region.

Tuesday, August 31, 2010

The new office's objectives will be to, "supervise the financial system in order to improve economic stability, gather intelligence and information relating to money laundering, as well as provide financial education and other services to the public," the banking regulator, Édgar Barquín, told

Also present at the inauguration was Guatemalan Vice-president Rafael Espada, who commented on the benefits the new office would bring by strengthening the region's economy.

Quetzaltenango, the capital city of a region with the same name, is the second largest city in Guatemala and considered one of the most important due to the level of industrial and commercial activity undertaken there.

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Banks in Costa Rica must provide customer’s banking information directly to Costa Rican Drug Institute when requested by the office.

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Court in Costa Rica orders bank to hand over information

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Constitutional Court confirmed that banks in the country are obligated to provide their clients all information concerning their accounts.

The Court ordered the manager of the agency involved to "hand over the information requested from 30 January 2008 to the appellant, as soon as possible" after finding out that money had been taken from his account without his authorization.

Regulation on Banking Operational Risk Under Consultation

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The Superintendency of Banks in Guatemala is calling for public consultation on draft regulations for operational risk management for banking security.

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IOSCO Suspends Panama

October 2014

The International Organization of Securities Commission has suspended the country's right to vote as a member because it has not yet signed the agreement to provide information on stock market investigations.  

The IOSCO's decision to suspend voting rights for the country as a member of the organization comes after the entity warned the authorities, repeatedly, about the need for regulation which would provide information to banks and financial institutions from other markets in cases of investigations.

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