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.
During the second quarter of 2019, the amount of electronic payment services provided was $5,787 million, 40% less than in the same period of 2018.
The fall is mainly explained by the lower value traded in the Electronic Funds Transfers (EFT) module. The latter was because of the change in the operability of the daily operations of the NCB which, contrary to the second quarter of 2018, were liquidated outside the Nicaraguan Interbank Electronic Payments System (SINPE), reported the Central Bank of Nicaragua (BCN).
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.
During the second quarter of 2018 the amount of electronic payment services provided amounted to $10.455 billion, 21% more than in the same period in 2017.
Payment services offered by the Central Bank of Nicaragua were channeled mainly through the Nicaraguan InterBank Electronic Payments System (SINPE), with transactions amounting to 323,569.7 million córdobas (93.7 percent of the services offered by the BCN), reported the institution.
During the first quarter of 2018, the amount of electronic payment services provided totaled $16,254 million, 62% more than in the same period in 2017.
The Central Bank of Nicaragua reported that within the operations of electronic payments made in the first three months of the year, "... most are transactions in the BCN (88.7% of the total), although the ACH shows significant growth (131% in relation to the first quarter of the previous year)."
In 2017, money transfers made in Costa Rica through the Sinpe Móvil service added up to $34 million, 140% more than in 2016.
According to figures from the Central Bank "...In 2017, this service showed the highest growth in terms of quantity with 140.4% compared to 2016, being the service that showed the highest growth rates since its launch in May 2015."
In 2017, the amount of electronic payment services provided totaled $40.510 billion, which represented about three times the value of Nicaraguan GDP.
In 2017 the value of transactions increased by 15.6% with respect to 2016, behavior explained mainly by a greater dynamism in the operations of the Automated Clearing House (ACH), as these grew by 198%, while BCN operations did so by 7.8%.
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.
Between 2015 and 2016 issuance of checks in the country fell by 5%, while the use of electronic banking continues to grow.
The former president of the Banking Association of Guatemala (ABG), Luis Lara Grojec, explained to S21.gt that "... electronic banking will continue to grow in the coming years, but more than services through computers, there will be an increase in the use of applications on mobile devices, such as cell phones and tablets.
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.
January 22 will see the start of the process to replace the 17-digit customer account numbers with the global standard IBAN, which will facilitate interbank transactions at the national and international level.
From a statement issued by the Central Bank:
Costa Rica is making firm progress in changing the current format for bank accounts over to theIBANsystem(International Bank Account Number, a standardized structure that identifies accounts both domestically and internationally.
Cash is the most frequently used method of payment, compared to the use of credit cards, debit cards and electronic transfers.
The results of the study prepared by the Central Bank indicate that 95% of individuals and 94% of establishments with economic activities, used cordobas.Only 4% of natural persons and 7% of establishments with economic activities use dollars.
With the proposed reform to Law 8204, all electronic transfers of $1,000 or more will have to be justified by customers and registered by banks.
Article 19a of the regulation under consultation indicates that "...The subjects under obligation who provide transfer services to or from other countries in local or foreign currency, which equal or exceed US $1,000.00 (one thousand dollars in the currency of the United States of America) or its equivalent in colones or other foreign currency, must electronically record the information listed below:
Starting April 21, 6 nicaraguan banks will include among its services online money transfers.
The six banks are part of the ACH Unired network, an entity authorized by the Central Bank of Nicaragua to operate in the country. Some banks offer no-cost transfers, while others charge transaction fees ranging between $5 and $20.
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