Following the approval of the Bitcoin Law in El Salvador by the members of the Legislative Assembly, which creates a legal framework that recognizes this digital currency as legal tender in the country, the IMF warns that financial and legal risks have arisen.
In Costa Rica, the Alvarado administration would be considering the creation of a tax on each transaction that a person or company makes through a financial entity, a tax that will discourage savings and motivate people to use cash.
In order to discuss a medium and long term credit with the International Monetary Fund, the Costa Rican authorities would be planning to design and create a new tax, which consists of each person paying a tax of ¢3 for every ¢1.000 in the transactions they make through a bank, finance company, mutual fund, stock exchange or any other financial entity.
In Costa Rica, greater banking control and the increased presence of organized crime explain the 58% increase in suspicious transaction reports in 2018 over 2017.
In the last two years, Suspicious Transaction Reports (SARs) submitted by banks to the Costa Rican Drug Institute (ICD) increased by 58%, from 320 in 2017 to 507 in 2018.
Guillermo Araya, director of the ICD, explained to Nacion.com that "...
If the reforms to the Banking Law that are being discussed in the Congress are approved, cooperatives will have to start reporting information in their loan portfolios.
Legal initiative number 5157which is pending final approval, proposes, among other changes, including in the Credit Registration Information System (SIRC by its initials in Spanish) information from financial institutions that are not yet sending reports.
In 2017, bank deposits totaled $11,715 million, 10% more than the figure registered at the end of 2016.
The "Financial Bulletin of the Banking System up to December 2017", prepared by the Salvadoran Banking Association, states that "... in the last five years, deposits have had average growth of 4.3%."
Almost a year after the liquidation of the bank was ordered, depositors have not yet received their funds, and in order to complete the settlement, the parent company will have to turn over $60 million.
Of the $100 million that Banca Privada de Andorra had registered as deposits in Panama, $60 million is abroad and the rest in Panama, reports Prensa.com.
In the first eight months of the year the profits of the International Banking Center totaled $1.266 million, 13% more than in the same period in 2016.
Growth of the local credit portfolio to the private sector in the National Banking System was 7.8% in August 2017, compared to the same period in 2016.
By credit destination, the sector that reported the greatest expansion was that of companies in the real estate sector and of individuals with business activities.The credit business has kept up a positive rhythm in economic sectors that show dynamism, such as construction (13.0%), personal consumption (9.8%), industries (7.1%), livestock (8.7%) and mortgages (9.0%), among others.
The Superintendency of Banks has granted the banking group BCT approval to acquire Balboa Bank & Trust, putting an end to the reorganization process that began a year ago.
From a statement issued by the Superintendency of Banks in Panama:
Reorganization of Balboa Bank & Trust enters its final phase
Between 2015 and 2016, transactions via electronic banking grew by 22%, while the issue of checks continues to decline.
From a statement issued by the Costa Rican Banking Association:
9 May 2017. The ease of making secure transactions with just one click, from the house, office or even cell phone,therby avoiding having to go anywhere or queue up, is making more and more users of banking entities, along with the Costa Rican Banking Association (ABC), prefer electronic banking.
In the last quarter of 2016, the total amount of transactions made through the network of banking agents grew by 26% compared to the same period in 2015, and the average amount per transaction increased from $99 to $118.
Data from theQuarterly Bulletin of Financial Inclusionby the Superintendency of Banks indicates that between September and December of last year, more than 7.8 million transactions were made, including deposits, withdrawals and credit payments made through the network of banking agents, 26% more than in the same period in the previous year.
A law has come into force which requires banks to register as atypical all transactions of more than $4 thousand that are realized in cash.
The decree by the Central Bank which comes into effect from April establishes new requirements for banks when dealing with transactions made both in domestic and foreign currency, as well as cash or through other means.
In 2016 entities in the banking system managed to increase their assets by 4% and their loan portfolios by 8% compared to 2015.
The annual report by the Superintendency of Banks in Panama includes the main results for the banking center and the banking system during 2016.
The report states that"...Credit to the private sector remains favorable in the retail banking segment and corporate credit in the interim construction segments.Trade credit has a lower growth rate due to reductions in the Colon Free Zone. "
Companies that make or receive international transfers for amounts of over $50,000 per transaction will have to indicate the origin of the funds.
Banking entities have reached an agreement to amend theSelf-RegulationRulesfor Monitoring of International Transfers to Prevent Money Laundering and Terrorist Financing. The amendment was approved in October 2016, and banks will have to start implementing the new measures in January this year.
The Superintendency of Banks is working on an update of the regulation on credit risk management and a new regulation of corporate governance for insurers.
Jose Alejandro Arevalo, head of the Superintendency of Banks (SIB), told Dca.gob.gt that"... in the case of regulation 93-2005 they want to ensure that the valuation of assets which is presented every 4 months by banks reflects economic reality and the quality of the goods."
The reorganization process and subsequent sale of the Panamanian bank has been extended for 90 days, and eleven local and two foreign banking groups are interested in the process.
From a statement issued by the Superintendency of Banks in Panama:
Through Resolution SBP-0198-2016 of October 27, 2016, the Superintendency of Banks ordered an extension to the Reorganization of Balboa Bank & Trust Corp., which must be completed within a period of ninety (90) days, which may be brought forward or extended, based on a reasoned request by the reorganizer, as provided in paragraph 3 of Article 142 of the Banking Law.This measure is effective from Tuesday the first (1) of November two thousand and sixteen (2016) from 2:30 pm.