Anti Money Laundering and Disclousure
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Law No. 8204 (Costa Rica´s anti money-laundering law), requires that financial institutions complete a dossier on every client whose financial movements exceed $10,000. Insurance companies, which technically are financial institutions, by law must have a Compliance Office with a full-time staff to make sure Law 8204 is observed.

Although it is hard to envision how money can be laundered through insurance, the Superintendency of Insurance, SUGESE, has taken things a step further: it has ruled that, even if a premium does not reach $10,000, applications for new insurance or applications to modify existing policies must attach a disclosure form “Conozca su Cliente”. As the fines for non-compliance are huge, insurance companies will not act on applications which do not attach the form and supplementary documents. 

Excepted are the simpler one-shot policies, such as Flight insurance, Students’ insurance, Traveller’s Accident insurance, Domestic Workers’ Compensation, etc.

The form is detailed, and requires from the client the usual identity and contact information. If the client is a corporation, the information is required of the corporation itself and also of the person representing the corporation (“apoderado”), whose power-of-attorney (“personería”) must be attached.

The form must be signed by the client or by the legal representative, if a corporation. Must attach:

  • Copies of the client’s and signer’s ID’s.
  • Proof of address (light, phone, or water bill)
  • Proof of income and sources of income.
  • “Personería” of the signer (for corporations.)

 Further information and a Conozca Su Cliente form can be found on our web site,  www.unicencorredora.com

 

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