Legal & FinancialTopics

Know your client – What are the KYC requirements in Costa Rica?

Know your client is the documentation process through which the banking, financial, and real estate sectors in Costa Rica reduce uncertainty risk that the person with whom you are doing business is not engaged in illegal activities.

As this person’s attorney or broker, you will verify his activities are abiding with the laws of Costa Rica as well the formality of their fund’s origin.

KYC (know your client) looks to guarantee that the transaction is going to be conducted abiding the appropriate regulations from both an ethical and legal standpoint.

General content provided by Javier Sauma at COLBS legal studio in Costa Rica.

VIDEO TRANSCRIPT

What is the requirement of know your client also known as KYC. As the name indicates it’s a form of validating that the person with which you are dealing is engaged in legal activities and that you are going to verify as your attorney or as his broker, that his activities are abiding with the laws of his country and your country as well. That you’re going to verify the origin of the funds where this person comes from and that it and that the transaction is going to be conducted abiding with the regulations either in from an ethical standpoint and from a legal standpoint.

Also available in: Español