Banco Central formalizes rule on interbank transfer ID

The Banco Central announced Monday that rules to track money laundering will go into effect July 1.

These are the same rules that have been discussed and even applied for months.

Anyone making a transfer from one bank to another will have to provide an identification number for him or herself and the recipient.

The number can be that of a cédula for Costa Ricans or the number of an identification that has been issued by the Dirección General de Migración y Extranjería.

Or the transfer can be made via the account of a company listed in the Registro Nacional. In this case the cédula juridica will be used.
There also is a provision for diplomats who have a special identification.

Expats who have bank accounts can expect to be contacted to provide updated information.

Most interbank transfers via the Sistema Nacional de Pagos Electrónicos now require the cédula number or similar of the recipient. The sending bank already has the number of the person or firm making the transfer.

Those who might have problems with this system are perpetual tourists who do not have identification issued by immigration. Many of these, however, are owners of corporations that have cédulas from the Registro. And tourists probably will not be making many interbank transfers.

The system also represents an effort by Costa Rica to show international organizations that it is fighting money laundering.

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