Tighter analysis of customers and better control of risk in lending are part of the changes that are being prepared by the financial regulator.
In 2013 the General Superintendence of Financial Entities (Sugef) began a process of regulatory changes for banks to continue during 2014. Tighter analysis of customers and better control of risk when granting loans are some of the changes being contemplated.
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.
Some entities said they would be willing to declare their individual data if the Sugef removes the restriction.
Since the weekly newspaper El Financiero filed a lawsuit pushing for banks to publish their capital adequacy indicators, the issue has been debated by the General Superintendency of Financial Institutions (Sugef) and the banking market.
Following this, a group of banks have said they would not object to disclosing the information, as long as the publications are endorsed by Sugef.
The financial soundness indicator of banks may no longer be kept secret if the Constitutional Court decides that it shouldn’t be.
An appeal filed by the weekly paper El Financiero could lead to a decision to make public the indicators of capital adequacy of banks in the country.
Currently this indicator is not published by the Superintendency of Financial Institutions (Sugef) meaning that bank users do not have this information when making decisions about which institution to turn to.