Stricter financial supervision for Costa Rica

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.

Monday, November 17, 2008


Up to now, the General Superindendence of Financial Entities (Sugef) could only supervise local banks and the groups as a whole, but it was not allowed to review their subsidiary companies individually, including the offshore banks.

The 16.008 project, also called the consolidated supervision, was approved by the Financial Affairs Commission on November 4 after being stuck in Congress for 3 years.

More on this topic

More Controls on Bank Transfers in Costa Rica

September 2013

Sugef has increased controls on transfers exceeding $10,000, as a measure of preventing money laundering and terrorist financing.

The Superintendent of Financial Institutions (Sugef) now has new regulations on money laundering which had been under consultation since September 10th with banks, mutuals, cooperatives, financial, insurance, stock positions and pension operators.

Change in the Financial Superintendent

February 2009

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.

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.

Costs of Financial Supervision

April 2012

The government of Costa Rica is promoting a legal reform that would transfer the cost of financial supervision to banking institutions, insurance companies and pension operators.

The legal amendment was included in the Bill for the Efficient Management of Public Finances already sent to the Legislature.

El Salvador: New Superintendency Starts Operations

August 2011

The new supervisory body merges the former Superintendency of Securities, Pensions and Finances.

Entitled the Superintendencia del Sistema Financiero (Financial Superintendency System), the body will presided over by Victor Ramirez, who served as chief of the superintendency of the same name.

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