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.
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.
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.
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 first nine months of the year 1046 banking transactions were reported to have had characteristics of being possibly related to money laundering.
Data from the Superintendency of Banks in Guatemala indicates that 1046 reports were submitted, worth $400 million between January and September this year.
Elperiodico.com.gt reports that "...This year the number of reports increased by 25 percent, as in September 2015 only $100 million had been reported as suspicious transactions.The Superintendent indicated that this change is due to the "conscience" acquired by citizens, who are reporting more of these actions related to money laundering."Unusual situations that can not be explained by customers, become suspicious transaction and are reported," said the head of the SIB.
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