Noncompliance with the General Superintendence of Financial Entities (Sugef) has been a huge issue. Financial institutions have had to close over 1,000 accounts of individuals and companies due to this problem.
About 30,000 were supposed to register by June 30 or September 30, depending on their group. Only 3,577, or 11.9%, complied with this obligation which is a measure against money laundering.
Financial institutions are required to establish policies to detect breaches and assess closing the relationship with those who don’t comply with registering before Sugef. The requirements were created in May 2017 in Law 9449.
The measures by Sugef are in response to weaknesses found by the International Financial Action Task Force in July 2015. Mechanisms to prevent money laundering and terrorist financing were recommended.
