Regulation for the registration and de-registration before the SUGEF of the obligated subjects who perform one or more of the activities described in articles 15 and 15 bis of the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legitimization of Capitals and Terrorism Financing, Law 7786.

In October of 2018, the National Financial System Supervisory Board (CONASSIF) issued the by-laws for the registration and de-registration before the General Superintendence of Financial Entities (SUGEF) of the obligated parties who perform one or more of the activities described in articles 15 and 15 bis of the Law 7786 on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Money Laundering and Financing of Terrorism. Said by-laws entered into force on January 1, 2019 date in which the six-month term for registration began to run in order to avoid possible bank account closures and the refusal of services by financial entities.

In accordance to said by-laws and the registration calendar established by SUGEF, each category must register as follows:

January

• Entities whose main business is the issuance and / or operation of credit cards, whether they carry out one or both of these activities. The issuer of credit cards is considered to be the legal entity that issues or commercializes credit cards; the credit card operator is the legal entity that provides the credit card issuer with services for the execution of the transactions carried out by the cardholder.
• Merchants of metals and precious stones.
• Pawn shops.

February

• Individuals and legal entities, as well as lawyers and accountants, except those whose employeed by a public or private employer who is under supervision of SUGEF, when they carry out transactions or prepare to carry out transactions for their clients pertaining to the following activities:

1. The purchase and sale of real estate.
2. The administration of a client´s funds, bank accounts, savings, securities or other assets, for the lesser amount than the significant amount determined in the regulation (US $ 400,000.00 or its equivalent in other currencies, calculated based on the type of change of reference purchase of the Central Bank of Costa Rica (BCCR) in force at the date of the evaluation).
3. The operation or administration of the purchase and/or sale transaction of legal entities or other legal structures.

March

• Casinos that develop their business either through physical establishments, or through networks such as the Internet or others from Costa Rica.
• Individuals or legal entities that grant any type of credit facility, when this activity is carried out in an organized, habitual manner and who use the accounts of entities supervised by any of the Superintendencies ascribed to CONASSIF.
• Fiduciary service providers, including those involved in the creation, registration and administration of trusts, for the lesser amount than the significant amount determined in the regulations. Excluded from this registry are suppliers of guarantee trusts, testamentary trusts, custody or possession of assets (US $ 400,000.00 or its equivalent in other currencies, calculated based on the reference purchase exchange rate of the Central Bank of Costa Rica (BCCR) current as of the evaluation date).

April

• Individuals or legal entities who engage professionally and regularly in real estate transactions, including, but not limited to, brokers, intermediaries, developers, as well as developers of real estate projects.
• Non-profit organizations that send or receive money from jurisdictions classified as risky or that maintain relations with parent companies, branches or foreign subsidiaries located in said jurisdictions.

Additionally, the obligated parties that are currently registered by article 15 of Law 7786, have a period of three months after the regulation is in force to adapt to the new conditions established therein.

To carry out the registration process it is essential to have the digital signature certificate.

Finally, despite the fact that the SUGEF established the registration calendar until April, the deadline is open until June of this year to complete the registration.

Do not hesitate to contact our Banking and Finance Department to obtain more information about the scope and implications of this regulation or to obtain advice and support in the registration process.