Norm Reforming Articles 3 and 4 of the Regulation on Simplified Savings Accounts

Monetary and Financial Board
RESOLUTION CDMF-VII-1-25
Dated March 5, 2025
REGULATION REFORMING ARTICLES 3 AND 4 OF THE REGULATION ON SIMPLIFIED SAVINGS ACCOUNTS

The Monetary and Financial Board,

CONSIDERING

I
That by Resolution No. CD-SIBOIF-1033-1-DIC11-2017, dated December 11, 2017, the "Regulation on Simplified Savings Accounts" was approved, published in La Gaceta, Official Journal No. 242, on December 20, 2017.

II
That Article 156 of Law No. 1232 "Law on the Administration of the Monetary and Financial System," published in La Gaceta, Official Journal No. 241, on December 30, 2024, establishes in its final part that "...Likewise, all provisions issued by the Board of Directors of the Central Bank and the Board of Directors of the Superintendency, prior to the entry into force of this Law, shall be understood as issued by the Monetary and Financial Board."

III
That Article 43 of Law No. 561, "General Law of Banks, Non-Bank Financial Institutions and Financial Groups," and its reform contained in Law No. 1237 "Law of Reforms and Additions to Law No. 561, General Law of Banks, Non-Bank Financial Institutions and Financial Groups," published in La Gaceta, Official Journal No. 37, on February 25, 2025, provides that the Superintendency may establish minimum information criteria for clients on each of the aforementioned deposit categories.

IV
That, in order to promote financial inclusion and higher levels of banking in the country, it is necessary to reform Articles 3 and 4 of the aforementioned Regulation on Simplified Savings Accounts to adapt the current requirements of simplified savings accounts, known as "CAS" accounts, to the country's socioeconomic development and the regulations approved by Law No. 1237.

Monetary and Financial Board

V
That, in accordance with the considerations set forth above and based on the authority established in Article 17, subsection A, numeral 3 of the aforementioned Law No. 1232, "Law on the Administration of the Monetary and Financial System."

In exercise of its powers,

HAS ISSUED

The following,

REGULATION REFORMING ARTICLES 3 AND 4 OF THE REGULATION ON SIMPLIFIED SAVINGS ACCOUNTS

FIRST: Articles 3 and 4 of the "Regulation on Simplified Savings Accounts," contained in Resolution No. CD-SIBOIF-1033-1-DIC11-2017, published in La Gaceta, Official Journal No. 242, on December 20, 2017, are hereby amended, which shall read as follows:

"Article 3. Concept and characteristics of the CAS.- The CAS is a savings account opened by the financial institution for natural persons who qualify with a low-risk profile, and who also meet the following characteristics:
a) They are opened only by natural persons. b) The account holder may not maintain more than one CAS per currency (national and foreign) in the same financial institution. c) They do not require a minimum balance for opening. d) They must register a maximum balance per account of one hundred thousand córdobas (C$100,000.00) in the case of CAS in national currency and one thousand five hundred United States dollars (U$1,500.00) in the case of CAS in foreign currency. e) They do not allow charges for the management of minimum balances and inactivity in the account. f) The supervised institution must offer the debit card, mobile wallet, or other similar payment method service, free of charge with respect to the issuance of the payment method. g) The financial institution will recognize the payment of interest on the balances maintained in the account, in accordance with what is stipulated in the opening contract.

Monetary and Financial Board

h) They do not admit overdrafts.

Amounts of transactions generated by credits or debits made by the financial institution due to the own management of the account shall not be considered for the purpose of calculating the maximum balance of the CAS established in letter d) of this article.

Article 4.- Application of simplified CDD.- The financial institution will apply simplified CDD to the CAS, for which it must create a "Basic Customer Profile" (BCP) based on the minimum information criteria determined by the Superintendency. It shall not be a requirement for the opening of the CAS to request references, and it shall be the obligation of the entity to verify the identity of the holder, according to their official identification document.

Notwithstanding the foregoing, financial institutions must establish adequate internal controls and procedures that allow them to monitor, evaluate, and control the risks associated with this product, in order to guarantee its operation within the established conditions and take additional measures that are appropriate to maintain the product within the levels typical of a low-risk account in terms of AML/CFT/CPF; the institution must increase the initially simplified CDD measures when, individually and as a result of its risk analyses and/or transaction monitoring, it determines or detects the presence of risk indicators that so warrant.

SECOND: This regulation shall enter into force upon notification by the Superintendency of Banks and Other Financial Institutions, without prejudice to its subsequent publication in La Gaceta, Official Journal.

(f) legible, Ovidio Reyes R. President of the Board of Directors; (f) Illegible, Luis Ángel Montenegro Espinoza, Vice President of the Board of Directors; (f) Illegible, Bruno Gallardo, Minister of Finance, Owner Member; (f) illegible, Roberto Rivas, Non-executive Owner Member; (f) Illegible, Hugo Ortega, Non-executive Owner Member. The undersigned Ruth Elizabeth Rojas Mercado, Secretary of the Monetary and Financial Board, certifies that it conforms to its original, which was duly compared."