Costa Rica: Casinos' bank accounts to be closed if they do not provide financial statements by December 1

The General Superintendence of Financial Entities (SUGEF) of Costa Rica announced that casinos have until December 1, 2022, to submit the corresponding financial reports. Otherwise, their bank accounts will be closed.

According to Costa Rican newspaper La Nación, the official notice SGF-1784-2022, issued on August 31, decided that the companies of the gaming sector -as well as lenders, credit card issuers, and pawnshops- must complete and submit the registration to the Sugef in a term of three months, between October 1 and December 1.

The text states that " the Sugef will warn, for a single time, [...] the regulated entity that does not comply with the warning notice in the terms, periods and conditions required" and added that "the Superintendence will adopt the act of suspension and after a period of three months from the enforcement of such condition" the Superintendence "will proceed with the cancellation of the registration of the subject's inscription".

The head of the Sugef, Rocio Aguilar, pointed out that banks cannot provide their services to regulated entities that are not registered or whose registration has been suspended, canceled or revoked.