{ "jurisdiction_id": "CR", "jurisdiction": "Costa Rica", "url": "https://payments.gi/jurisdictions/costa-rica/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 64, "source_register": 144 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/costa-rica/#w1a-licensing-authorisation-market-access", "standing_position": "Costa Rica has no comprehensive fintech/PSP licensing statute; SUGEF Art. 15 Bis (Law 7558) is the general supervisory gateway. Legislative Decree 10961 (Art. 15 quater, Law 7786), published 19 June 2026, formally brings VASPs into a supervised-but-not-licensed AML/CFT registration regime with SUGEF (Expediente 25.340, unanimous approval May 2026).", "findings": [ { "finding": null, "instrument_type": "statute/regulation", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2025/costa-rica", "source_url": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "statute", "source": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_url": "https://payatlas.com/regulator/sugef-cr-4835", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regulation", "source": "https://www.bccr.fi.cr/en/administrative-procedures", "source_url": "https://payatlas.com/regulator/sugef-cr-4835", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "pending legislation", "source": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_url": "https://payatlas.com/regulator/sugef-cr-4835", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "supervisory scope", "source": "https://payatlas.com/regulator/sugef-cr-4835", "source_url": "https://payatlas.com/regulator/sugef-cr-4835", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Consumer/depositor protection rests on the Deposit Guarantee Fund Law (No. 9816) for private banks, SUGEF's disclosure/advertising regulation (SUGEF 10-07), and general consumer-protection law administered via the National Consumer Commission. State-owned banks carry a full sovereign deposit guarantee; private-bank protection is a distinct, less-standardised scheme.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.expatfocus.com/costa-rica/guide/costa-rica-banking", "source_url": "https://www.expatfocus.com/costa-rica/guide/costa-rica-banking", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regulation", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2025/costa-rica", "source_url": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2025/costa-rica", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "statute", "source": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_url": "https://documents1.worldbank.org/curated/en/099054203292320084/pdf/SECBOS092d6c9a0e4096d3013bc7e8afc1f.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "supervisory assessment", "source": "https://documents1.worldbank.org/curated/en/099054203292320084/pdf/SECBOS092d6c9a0e4096d3013bc7e8afc1f.pdf", "source_url": "https://documents1.worldbank.org/curated/en/099054203292320084/pdf/SECBOS092d6c9a0e4096d3013bc7e8afc1f.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w2-stablecoins-digital-money", "standing_position": "Costa Rica has no stablecoin-specific or comprehensive VASP licensing law in force. The BCCR does not treat cryptoassets as legal tender but does not prohibit private use. A VASP AML/CFT registration reform (building on Bill 22.837) has been reported as enacted around May 2026, requiring SUGEF registration for AML/CFT supervisory purposes only — explicitly not an operating licence. A BCCR digital-colón CBDC initiative remains at the research stage since 2021 with no pilot launched.", "findings": [ { "finding": null, "instrument_type": "mutual evaluation finding", "source": "https://www.fatf-gafi.org/content/dam/fatf-gafi/fsrb-fur/GAFILAT-Costa-Rica-Follow-Up-Report-2023.pdf.coredownload.pdf", "source_url": "https://consortiumlegal.com/en/2026/06/24/vasp-regulation-costa-rica/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "pending legislation", "source": "https://www.zigram.tech/resources/cr-crypto-regulation-july-2025/", "source_url": "https://gofaizen-sherle.com/crypto-license/costa-rica", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regulation (reported)", "source": "https://www.eglobalcentraluk.com/costa-rica-crypto-company-setup-2026-what-you-need-to-know/", "source_url": "https://cbdctracker.org/currency/costa_rica-costa_rica_cbdc", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "CBDC research", "source": "https://cbdctracker.org/currency/costa_rica-costa_rica_cbdc", "source_url": "https://cbdctracker.org/currency/costa_rica-costa_rica_cbdc", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "pending legislation", "source": "https://www.privacy-solutions.com/blog/costa-rica-crypto-company-formation/", "source_url": "https://cbdctracker.org/currency/costa_rica-costa_rica_cbdc", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regulatory position", "source": "https://gofaizen-sherle.com/crypto-license/costa-rica", "source_url": "https://cbdctracker.org/currency/costa_rica-costa_rica_cbdc", "source_tier": "4", "retrieved_at": "2026-07-04" } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w3-operational-resilience-critical-infrastructure", "standing_position": "Costa Rica's operational-resilience posture was shaped decisively by the April 2022 Conti/Hive ransomware campaign against government systems, which triggered a national state of emergency. IT/outsourcing risk management for the regulated financial sector sits under CONASSIF 5-17, complemented by a 2023-2027 national cybersecurity strategy backed by US government support for a national SOC.", "findings": [ { "finding": null, "instrument_type": "incident", "source": "https://en.wikipedia.org/wiki/2022_Costa_Rican_ransomware_attack", "source_url": "https://en.wikipedia.org/wiki/2022_Costa_Rican_ransomware_attack", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "national strategy", "source": "https://www.centerforcybersecuritypolicy.org/insights-and-research/costa-rican-cybersecurity-policy-with-minister-paula-bogantes-dcp-s2-e7", "source_url": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2025/costa-rica", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regulation", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2025/costa-rica", "source_url": "https://www.centerforcybersecuritypolicy.org/insights-and-research/costa-rican-cybersecurity-policy-with-minister-paula-bogantes-dcp-s2-e7", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "supervisory assessment", "source": "https://documents1.worldbank.org/curated/en/099054203292320084/pdf/SECBOS092d6c9a0e4096d3013bc7e8afc1f.pdf", "source_url": "https://www.centerforcybersecuritypolicy.org/insights-and-research/costa-rican-cybersecurity-policy-with-minister-paula-bogantes-dcp-s2-e7", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w4-scheme-network-compliance", "standing_position": "Costa Rica is the only known jurisdiction to impose central-bank price controls on both merchant discount rates and interchange/interchange-reimbursement fees for card schemes, under Legislative Decree 9831 (2020), implemented and progressively tightened by BCCR through annual ordinary reviews. This regime is currently the subject of active litigation from Visa and Mastercard (see W7).", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.bccr.fi.cr/en/payments-system/general-information/cards", "source_url": "https://www.bccr.fi.cr/marco-legal/DocReglamento/Reglamento-sistemas-tarjetas-de-pago.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "fee cap", "source": "https://laweconcenter.org/resources/the-consequences-of-caps-on-cross-border-payment-fees-in-costa-rica/", "source_url": "https://truthonthemarket.com/2024/10/30/what-the-imf-gets-wrong-about-costa-ricas-payment-card-caps/", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "fee cap", "source": "https://truthonthemarket.com/2024/10/30/what-the-imf-gets-wrong-about-costa-ricas-payment-card-caps/", "source_url": "https://truthonthemarket.com/2024/10/30/what-the-imf-gets-wrong-about-costa-ricas-payment-card-caps/", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regulation", "source": "https://www.bccr.fi.cr/marco-legal/DocReglamento/Reglamento-sistemas-tarjetas-de-pago.pdf", "source_url": "https://truthonthemarket.com/2024/10/30/what-the-imf-gets-wrong-about-costa-ricas-payment-card-caps/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "scheme dispute", "source": "https://ticotimes.net/2024/10/04/visa-and-mastercard-sue-costa-ricas-central-bank-over-fee-caps", "source_url": "https://truthonthemarket.com/2024/10/30/what-the-imf-gets-wrong-about-costa-ricas-payment-card-caps/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w5-payment-corridor-dynamics", "standing_position": "Costa Rica's principal cross-border payment corridors are outbound remittances to Nicaragua and inbound remittances from the United States, both intermediated primarily through banks/MTOs and correspondent banking/SWIFT rather than any regional instant-payment linkage. Domestically, SINPE and SINPE Móvil dominate retail rails; SINPE-TP extends contactless rails into public transport.", "findings": [ { "finding": null, "instrument_type": "corridor cost data", "source": "https://blogs.worldbank.org/en/peoplemove/remittances-latin-america-still-growing", "source_url": "https://blogs.worldbank.org/en/peoplemove/remittances-latin-america-still-growing", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "corridor cost data", "source": "https://remittanceprices.worldbank.org/corridor/United%20States/Costa%20Rica", "source_url": "https://remittanceprices.worldbank.org/corridor/United%20States/Costa%20Rica", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "domestic rail", "source": "https://mobility-innovators.com/costa-rica-launched-national-electronic-payment-system-for-public-transportation/", "source_url": "https://www.trade.gov/country-commercial-guides/costa-rica-trade-financing", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "trade finance", "source": "https://www.trade.gov/country-commercial-guides/costa-rica-trade-financing", "source_url": "https://www.trade.gov/country-commercial-guides/costa-rica-trade-financing", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w6-industry-structure-commercial-dynamics", "standing_position": "Costa Rica's banking sector is highly concentrated (top-5 banks ~80% of assets), led by two state-owned banks holding 44% of assets, alongside foreign-owned private banks (BAC Credomatic/Grupo Aval, Scotiabank transitioning to Davivienda). A growing but still-fragmented non-bank fintech sector (estimated 45-120 firms) operates without a dedicated licensing regime, and no BigTech currently operates domestically.", "findings": [ { "finding": null, "instrument_type": "market structure", "source": "https://documents1.worldbank.org/curated/en/099054203292320084/pdf/SECBOS092d6c9a0e4096d3013bc7e8afc1f.pdf", "source_url": "https://documents1.worldbank.org/curated/en/099054203292320084/pdf/SECBOS092d6c9a0e4096d3013bc7e8afc1f.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "fintech market", "source": "https://documents1.worldbank.org/curated/en/099054203292320084/pdf/SECBOS092d6c9a0e4096d3013bc7e8afc1f.pdf", "source_url": "https://www.newswire.ca/news-releases/scotiabank-and-davivienda-close-previously-announced-transaction-to-transfer-scotiabank-s-banking-operations-in-colombia-costa-rica-and-panama-889770837.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "fintech market", "source": "https://thefintechtimes.com/the-fintech-landscape-of-central-america-costa-rica-in-2026/", "source_url": "https://s1.q4cdn.com/250184606/files/doc_financials/2025/ar/33049d4a-947a-4652-8295-227b69ca763a.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "M&A/ownership change", "source": "https://grokipedia.com/page/List_of_banks_in_the_Americas", "source_url": "https://s1.q4cdn.com/250184606/files/doc_financials/2025/ar/33049d4a-947a-4652-8295-227b69ca763a.pdf", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "processor footprint", "source": "https://s1.q4cdn.com/250184606/files/doc_financials/2025/ar/33049d4a-947a-4652-8295-227b69ca763a.pdf", "source_url": "https://s1.q4cdn.com/250184606/files/doc_financials/2025/ar/33049d4a-947a-4652-8295-227b69ca763a.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w7-legal-litigation", "standing_position": "The dominant live payments litigation in Costa Rica is the Visa/Mastercard challenge to the BCCR's interchange/MDR fee-cap regime under Law 9831, contesting the central bank's jurisdiction over cross-border card transactions. A parallel legislative effort to strip the BCCR of authority over cross-border fees is opposed by the BCCR president.", "findings": [ { "finding": null, "instrument_type": "litigation", "source": "https://ticotimes.net/2024/10/04/visa-and-mastercard-sue-costa-ricas-central-bank-over-fee-caps", "source_url": "https://ticotimes.net/2024/10/04/visa-and-mastercard-sue-costa-ricas-central-bank-over-fee-caps", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "legislative dispute", "source": "https://ticotimes.net/2024/10/04/visa-and-mastercard-sue-costa-ricas-central-bank-over-fee-caps", "source_url": "https://qcostarica.com/cybercriminal-businesses-plague-costa-rica-scams-grew-668-in-4-years-with-just-a-handful-of-convictions/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "enforcement/judiciary", "source": "https://qcostarica.com/cybercriminal-businesses-plague-costa-rica-scams-grew-668-in-4-years-with-just-a-handful-of-convictions/", "source_url": "https://qcostarica.com/cybercriminal-businesses-plague-costa-rica-scams-grew-668-in-4-years-with-just-a-handful-of-convictions/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regulatory critique", "source": "https://laweconcenter.org/resources/regulating-payment-card-fees-international-best-practices-and-lessons-for-costa-rica/", "source_url": "https://qcostarica.com/cybercriminal-businesses-plague-costa-rica-scams-grew-668-in-4-years-with-just-a-handful-of-convictions/", "source_tier": "4", "retrieved_at": "2026-07-04" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring in Costa Rica operates through bank-affiliated gateways subject to SUGEF oversight, with acquiring/interchange fees capped by BCCR regulation. Riskier or ecommerce-ineligible merchant categories face ad hoc bank-level rejection rather than a codified high-risk-MCC framework, and select MCCs (fuel, EV charging, tolls, regulated transport, charities) are carved out of the standard acquiring fee cap.", "findings": [ { "finding": null, "instrument_type": "acquiring operations", "source": "https://elcolectivo506.com/online-payment-processing-in-costa-rica-what-small-business-owners-need-to-know/?lang=en", "source_url": "https://elcolectivo506.com/online-payment-processing-in-costa-rica-what-small-business-owners-need-to-know/?lang=en", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "fee cap exception", "source": "https://www.bccr.fi.cr/marco-legal/DocReglamento/Reglamento-sistemas-tarjetas-de-pago.pdf", "source_url": "https://www.bccr.fi.cr/marco-legal/DocReglamento/Reglamento-sistemas-tarjetas-de-pago.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "merchant risk pricing", "source": "https://truthonthemarket.com/2024/10/30/what-the-imf-gets-wrong-about-costa-ricas-payment-card-caps/", "source_url": "https://www.bccr.fi.cr/marco-legal/DocReglamento/Reglamento-sistemas-tarjetas-de-pago.pdf", "source_tier": "4", "retrieved_at": "2026-07-04" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/costa-rica/#w9-product-innovation-market-development", "standing_position": "SINPE Móvil is Costa Rica's flagship retail payment innovation, achieving near-universal adult engagement since its 2015 launch, alongside a 2015-era EMV/contactless migration mandate and the SINPE-TP transit-payment rollout. CBDC work remains at research stage; open banking/open-finance rulemaking is under discussion but not yet formalised; institutional Bitcoin ETF access entered the banking system in 2025.", "findings": [ { "finding": null, "instrument_type": "fast payment system", "source": "https://www.sciencedirect.com/science/article/pii/S2666143826000050", "source_url": "https://www.bis.org/publ/bppdf/bispap152_d_rh.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "adoption data", "source": "https://www.bis.org/publ/bppdf/bispap152_d_rh.pdf", "source_url": "https://mobility-innovators.com/costa-rica-launched-national-electronic-payment-system-for-public-transportation/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "contactless infrastructure", "source": "https://littlepay.com/littlepay-announces-its-participation-in-costa-ricas-national-electronic-payment-system-for-public-transportation-sinpe-tp/", "source_url": "https://thefintechtimes.com/the-fintech-landscape-of-central-america-costa-rica-in-2026/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "CBDC", "source": "https://cbdctracker.org/currency/costa_rica-costa_rica_cbdc", "source_url": "https://www.ainvest.com/news/costa-rica-crypto-market-reach-20-3-million-2025-2506/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "open banking", "source": "https://thefintechtimes.com/the-fintech-landscape-of-central-america-costa-rica-in-2026/", "source_url": "https://www.ainvest.com/news/costa-rica-crypto-market-reach-20-3-million-2025-2506/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "institutional product", "source": "https://www.ainvest.com/news/costa-rica-crypto-market-reach-20-3-million-2025-2506/", "source_url": "https://www.ainvest.com/news/costa-rica-crypto-market-reach-20-3-million-2025-2506/", "source_tier": "4", "retrieved_at": "2026-07-04" } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w10-consumer-protection-app-fraud", "standing_position": "SINPE Móvil-linked social-engineering fraud (SIM/phone-recycling scams and WhatsApp verification-code takeovers) is the dominant consumer-facing payments-fraud vector, with rapidly rising complaint volumes and losses but low criminal conviction rates. No mandatory APP-fraud reimbursement scheme comparable to the UK PSR model was identified in force.", "findings": [ { "finding": null, "instrument_type": "fraud typology", "source": "https://ticosland.com/sinpe-fraud-rises-in-costa-rica/", "source_url": "https://ticotimes.net/2026/04/18/costa-rica-sees-ongoing-spike-in-digital-fraud-tied-to-travel-and-payments", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "fraud statistics", "source": "https://ticotimes.net/2026/05/12/costa-rica-oij-warns-of-new-whatsapp-verification-code-scams", "source_url": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "fraud statistics", "source": "https://ticotimes.net/2026/04/18/costa-rica-sees-ongoing-spike-in-digital-fraud-tied-to-travel-and-payments", "source_url": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "fraud enforcement", "source": "https://qcostarica.com/cybercriminal-businesses-plague-costa-rica-scams-grew-668-in-4-years-with-just-a-handful-of-convictions/", "source_url": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "consumer protection statute", "source": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_url": "https://glclegal.com/blog/fintech-in-costa-rica/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w11-aml-cft-financial-crime", "standing_position": "Costa Rica remains in GAFILAT's enhanced follow-up process from its 2015 Mutual Evaluation, with its most significant outstanding technical gap being VASP supervision (Recommendation 15, downgraded to Non-Compliant). The core AML/CFT legal architecture is Law 8204/7786, supervised jointly by SUGEF/CONASSIF and the ICD's Financial Intelligence Unit.", "findings": [ { "finding": null, "instrument_type": "AML/CFT perimeter extension", "source": "sentinel.vasp-registration-reform-2026", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": "Costa Rica's AML/CFT regime rests on Law 7786 (as amended), supervised by SUGEF/CONASSIF for financial institutions and by the DNN and SUGEF for DNFBPs, with a non-public beneficial-ownership registry (RTBF, Decree 41040-H) and FIU functions housed within the Costa Rican Drug Institute (ICD). GAFILAT's Fourth Round enhanced follow-up (Feb 2024) recorded technical-compliance upgrades (R17 to Compliant; R22, R28 to Largely Compliant) but flagged residual DNFBP customer-due-diligence gaps ahead of the Fifth Round evaluation.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Costa Rica", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: OFAC listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: OFAC (US Treasury) — Picado Grijalba narcotics-trafficking network and Costa Rican front companies", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/costa-rica/#w12-correspondent-banking-settlement-access", "standing_position": "Costa Rica's banking sector is highly concentrated (top-5 banks hold roughly 80% of assets; the two state-owned majors hold 44%), and the pending Davivienda Group acquisition of Scotiabank's Costa Rica, Colombia and Panama operations continues to work through final regulatory approvals. The new VASP AML registration duty under Decree 10961 layers an additional de facto access gate onto this concentrated banking landscape for crypto firms.", "findings": [ { "finding": null, "instrument_type": "correspondent banking access", "source": "https://www.privacyshield.gov/ps/article?id=Costa-Rica-us-banks", "source_url": "https://www.privacyshield.gov/ps/article?id=Costa-Rica-us-banks", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "de-risking pressure", "source": "https://www.cov.com/en/news-and-insights/insights/2025/05/correspondent-banking-related-risks-arising-from-cartels-designations-as-terrorist-organizations", "source_url": "https://www.cov.com/en/news-and-insights/insights/2025/05/correspondent-banking-related-risks-arising-from-cartels-designations-as-terrorist-organizations", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "regional data", "source": "https://www.cov.com/en/news-and-insights/insights/2025/05/correspondent-banking-related-risks-arising-from-cartels-designations-as-terrorist-organizations", "source_url": "https://www.cov.com/en/news-and-insights/insights/2025/05/correspondent-banking-related-risks-arising-from-cartels-designations-as-terrorist-organizations", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "correspondent banking", "source": "https://www.trade.gov/country-commercial-guides/costa-rica-trade-financing", "source_url": "https://www.cov.com/en/news-and-insights/insights/2025/05/correspondent-banking-related-risks-arising-from-cartels-designations-as-terrorist-organizations", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/costa-rica/#w13-commercial-intelligence-fintech", "standing_position": "Costa Rica-specific commercial activity in the trailing 12 months is comparatively thin relative to processor-level regional M&A (e.g., Evertec's broader Latin American acquisition programme); the clearest Costa Rica-specific event in-window is a nearshore technology-services acquisition. Deal value for that transaction is undisclosed.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://nearshoreamericas.com/evertec-acquires-brazilian-rival-dimensa/", "source_url": "https://www.newswire.ca/news-releases/scotiabank-and-davivienda-close-previously-announced-transaction-to-transfer-scotiabank-s-banking-operations-in-colombia-costa-rica-and-panama-889770837.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://s1.q4cdn.com/250184606/files/doc_financials/2025/ar/33049d4a-947a-4652-8295-227b69ca763a.pdf", "source_url": "https://nearshoreamericas.com/evertec-acquires-brazilian-rival-dimensa/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] } ] }