trending Market Intelligence /marketintelligence/en/news-insights/trending/wtKlwYojI1o8pqe5Yxtvdg2 content esgSubNav
In This List

Costa Rica's SUGEF begins oversight on credit card issuers, processors

Blog

Managed Services Insights: The client lifecycle management solution

Blog

Technology & Automation Insights: Elevating KYC and onboarding efficiency

Blog

Banking Essentials Newsletter: May 15th Edition

Blog

Data Insights: Enhancing regulatory compliance and client lifecycle management.


Costa Rica's SUGEF begins oversight on credit card issuers, processors

Credit card issuers and operators in Costa Rica will have to register with SUGEF, the country's financial regulator, under new rules that took effect in January, El Financiero reported.

The new regulation, which comes as part of a push to increase financial sector supervision, applies to companies and individuals who do business with financial entities. Other groups of companies and professional activities, including legal and accounting firms, gambling companies, casinos, and real estate firms, will also be required to register in the coming months.

The requirement is part of recently approved legislation which seeks to prevent money laundering and other illicit financial activity.

According to the report, the move follows recommendations made by the regional financial control agency, Gafilat.