SUGEF regulated entities will now have to register at ICD (Instituto Costarricense Sobre Drogas)

ICD is the major entity in charge of fighting against the stated in law 8204, the law for the prevention of money laundering, financing terroristm, ilegal wealth building, and related activities. Since the law was created, financial and related entities like banks, credit unions, exchanges, banks and similar entities have reported their operations to ICD as part of the regulatory and monitoring division of SUGEF, ICD plays an important roll on prevention in Costa Rica and their programs are directly connected with the drug police division, OIJ and other entities fighting crime in the country and overseas.

The unit of financial intelligence is the internal department of ICD in charge of processing reporting from supervised entities in Costa Rica. The new requirement from SUGEF is set to make supervised individuals and corporations to register the reporting platform and appoint a compliance officer who will be the responsible for filing the reports in case there is anything to be reported.

For the supervised entities following the article 15 bis (Real estate, attorneys managing thirdparty funds, accountants, casinos and other activities) the requirement for now is being registered only. As the SUGEF introduction program follows and each supervised entity requires the reporting will be needed.

You can find more information on this and the link to the registration page by clicking the link below: