Posted On 04 Jun 2015
The Superintendency of banks (SBS) provided that financial institutions send information of individuals who, during the month, withdraw funds for amounts from $5,000 and legal persons (companies, institutions) from $100,000, also monthly.
According to circular IG-DNEI-2015-120 on 26 May, the entity also requests the control of previous months: January, February, March and April.
Moreover, it indicates that the delivery period is five days from the closure of the monthly information.
The new provision is related to an issue of prevention of money laundering control, said Christian Cruz, Superintendent of Banks. He said that it is applicable to financial institutions to report any transaction exceeding $10,000, as established by the law on prevention of money laundering.