The General Superintendence of Financial Entities (SUGEF) of Costa Rica announced that casinos have until December 1, 2022, to submit the corresponding financial reports. Otherwise, their bank accounts will be closed.
According to Costa Rican newspaper La Nación, the official notice SGF-1784-2022, issued on August 31, decided that the companies of the gaming sector -as well as lenders, credit card issuers, and pawnshops- must complete and submit the registration to the Sugef in a term of three months, between October 1 and December 1.
The text states that ” the Sugef will warn, for a single time, […] the regulated entity that does not comply with the warning notice in the terms, periods and conditions required” and added that “the Superintendence will adopt the act of suspension and after a period of three months from the enforcement of such condition” the Superintendence “will proceed with the cancellation of the registration of the subject’s inscription”.
The head of the Sugef, Rocio Aguilar, pointed out that banks cannot provide their services to regulated entities that are not registered or whose registration has been suspended, canceled or revoked.
“The provision identifies the need to strengthen the registration requirements in order to achieve a greater commitment from the regulated entities in regards to understanding and managing the risks of money laundering and financing of terrorism,” it said.
“It is reminded and warned that […] their registration could be canceled, a final state in which the entities of the financial system are unable to provide their services”, the superintendent stated.
It should be noted that the mandatory registration with Sugef began in January 2019, as part of a process to strengthen the fight against money laundering and the financing of terrorism. The order of the supervisory entity also orders banks, cooperatives, as well as financial and mutual companies to verify that the client qualified as an obliged subject has its registration up to date; if not, it can reject or return funds to users, as well as close their accounts unilaterally.
