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

Costa Rica: Regulation for Solidary Associations

June 2017

Regulations are being prepared to supervise the activities of solidarity associations, whose volume of credits is equivalent to that managed by the 7 smallest private banks in the country.

At the end of 2016, the volume of loans granted by solidarity associations totaled $6.425 million, according to data provided to by the Solidarity Movement. The plan of the General Superintendency of Financial Entities (Sugef) is to create a separate regulation for these entities, which since 1995 have been operating without any supervision by the authorities.

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.

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.

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.

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