On October 15, 41 deputies approved, in the Second Debate, file 21355, which seeks to strengthen the supervisory framework of the Superintendency of Financial Institutions through reforms to chapter IV of the Central Bank Law, the Assembly reported.

The statement specifies that "... This seeks to comply with the basic principles of Basel Supervision and the principles of consolidated supervision of the Joint Forum.

Regarding the operations of the entities audited, Conassif will issue the general rules necessary for the establishment of sound banking practices of corporate governance, including the suitability of members of the management body and key positions of the organization, as well as risk management and recording of transactions, among other aspects, all in the interest of the community.

This is one of the projects required for Costa Rica to join the OECD."

The new rule will now pass to the Executive Branch to be sanctioned.

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.

Nicaragua to Create Financial Analysis Unit

April 2012

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.

Law Reorganising Panama's Financial System Approved

August 2011

Act 311 establishes a system of coordination and institutional cooperation between local financial control centers and creates a Superintendency of the Stock Market in the reform of Decree Law 1 of 1999 and Act 10 of 1993.

A statement by the National Assembly of Panama says that the financial system will be reordered and a Superintendency of the Stock Market created after the assembly passed the bill on its third reading.

Stricter financial supervision for Costa Rica

November 2008

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.

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.