According to the nicaraguan regulator, the increasing amount of regulation and anti-money laundering controls that the US banks are subject to, has led some of them to remove their correspondent agencies from the country.
The president of the Association of Private Banks in Nicaragua (Asobanp), Juan Carlos Arguello, said in an article on Laprensa.com.ni that "... some banks in the United States and Europe have reduced the number of banking correspondents as part of changes in their strategies worldwide, which are largely due to new regulatory requirements. "
The law which will give life to a new supervisory body for financial and banking activities will be submitted to the legislative plenary next week.
The ruling on the law establishing the Financial Analysis Unit (Unidad de Análisis Financiero (UAF) in Spanish) will be presented on Friday and will be sent to the plenary of the National Assembly next week, said Rep. Wálmaro Gutierrez, president of the Committee on Economy, Budget and Production.
The banking regulator has requested shareholders to begin the liquidation process of the financial institution.
The head of Nicaragua's Banking and Finance Regulator (SIBOIF), Víctor Urcuyo, has said that the decision does not impact on the bank's customers since, "the vast majority have already received their money".
The Superintendents of Banks are meeting in Managua to study how to standardize banking supervision rules for the countries in the region.
The Nicaraguan Superintendent of Banks, Victor Urcuyo, said, according to elsalvador.com: "Currently the banks have to consolidate their financial statements and the supervisor of origin goes to the various countries to do the inspections. At the meeting they will also discuss "the credit risk management rule" which establishes the parameters for evaluating the various types of credit so that they can be the same throughout Central America."
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