Limit for Cash Transactions Lowered to $3,000 in Guatemala

The Guatemalan Banking Superintendent (SOB) set in $3,000 the limit for transactions in cash without justifying the origin of the funds. From October on, the people that carry out money transfers over $3,000 should justify where the money comes from.

Tuesday, September 14, 2010

"The purpose of limiting the income of currencies in cash in the national financial system pretends to detect, in a more effective way, any monetary transaction that can have some criminal origin", indicated Edgar Barquín, holder of the SOB, to Elperiodico. com. gt

The new regulation also applies to financial companies, currency exchange shops and off-shore banks.



More on this topic

Guatemala and El Salvador Investigate Triangulation of Dollars

October 2013

Detections have been made of cash transfers which are then returned via wire transfers and which apparently are linked to drug dealing and extortion.

The information was confirmed by the president of the Bank of Guatemala, Edgar Barquín, who explained that from Guatemala cash is exiting in dollars and going to El Salvador and then returning to the country through wire transfers.

Guatemala: Requirements for Bank Deposits

October 2010

Starting January 2011 the Monetary Board requirements apply only to foreign currency deposits.

Individuals or legal entities engaged in banking transactions over $ 3,000 during one month must provide additional documentation.

"These documents are: a sworn statement, a permit from a bank´s senior official where the operation is conducted and a risk analysis on the origin of the money," says the article in the Siglo XXI web portal.

Guatemala: New Rules for Forex Trading

October 2010

Starting January 2011, cash transactions exceeding $ 3000 must meet additional requirements

The chairman of the Monetary Board (JM), Edgar Barquin said that transactions of less than $ 3 thousand only require name, identification and legal address.

For amounts over the $ 3,000 more information will be requested and the operation must be guaranteed by a bank official.

Guatemala Unveils Committee Against Money Laundering

May 2010

It will coordinate actions against money and asset laundering related to tax evasion, drug trafficking, corruption and extortion.

The Presidential Commission against Money Laundering and Terrorism Financing will be composed of the Vice President, the Chancellor, the Minister of Interior, the Presidency’s Strategic Intelligence Unit, the Superintendence of Tax Administration (SAT) and the Superintendence of Banks (SIB).

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