Regulation on Simplified Savings Accounts

Resolution No. CD-SIBOIF-1033-1-DIC11-2017
Dated December 11, 2017
REGULATION ON SIMPLIFIED SAVINGS ACCOUNTS
The Board of Directors of the Superintendence of Banks and Other Financial Institutions.
CONSIDERING
I
That Article 2 of Law No. 561, General Law of Banks, Non-Bank Financial Institutions and Financial Groups, published in La Gaceta, Official Gazette No. 232, of November 30, 2005, authorizes banks to intermediated public resources in the form of deposits or any other title, and to provide other financial services. II That Article 43 of the aforementioned Law provides that the Board of Directors of this Superintendence may establish, through a regulation of general application, minimum information criteria for clients of banking entities who entrust their resources to them in the form of deposits. III That in accordance with the authority indicated in the previous consideration, and with the aim of promoting financial inclusion and higher levels of banking in the country, it is necessary to establish regulations aimed at facilitating the offer of new savings products that adapt to the needs of low-income individuals, based on simplified information requirements and opening procedures, with financial institutions being required to establish the necessary policies, procedures, and controls to mitigate the risks associated with this type of product. IV That the Financial Action Task Force (FATF) developed a guide on measures for the prevention of money laundering and terrorist financing (AML/CFT) within the framework of financial inclusion, through which it exhorts countries to continue executing projects to achieve financial inclusion without endangering the fight against organized crime, focusing efforts on establishing measures that do not hinder access to regulated financial services for economically marginalized and underserved groups. V That in accordance with the considerations set forth above and based on the powers established in Article 3, numeral 13) and Article 10, numerals 1) and 2), of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions, published in La Gaceta, Official Gazette No. 196, of October 14, 1999, and its amendments. In exercise of its powers, HAS ISSUED

The following,
Resolution No. CD-SIBOIF-1033-1-DIC11-2017
REGULATION ON SIMPLIFIED SAVINGS ACCOUNTS
CHAPTER I
CONCEPTS, OBJECT, AND SCOPE
Article 1. Concepts.- For the application of this regulation, the concepts indicated in this article, whether in uppercase or lowercase, singular or plural, shall have the following meanings:
a) Mobile Wallet: Transactional record in the financial institution that allows its users to perform transactions with electronic money through the use of mobile devices, in accordance with what is established in the regulation governing the matter on electronic money operations carried out by financial institutions. b) Client: (1) natural or legal person with whom the institution maintains a commercial relationship originating from the celebration of a contract; and (2) natural or legal person with whom the institution is in phases prior to the celebration of a contract. c) Board of Directors: Board of Directors of the Superintendence of Banks and Other Financial Institutions. d) Institution or Financial Institution: Banks supervised by the Superintendence of Banks and Other Financial Institutions. e) AML/CFT Regulation: Regulation for the Management of Prevention of Money Laundering, Assets or Goods; and Terrorism Financing Risks, contained in Resolution No. CD-SIBOIF-524-1-MAR5-2008, of March 5, 2008, and published in La Gaceta, Official Gazette, editions numbers 63, 64, 65, 66 and 67 of the days 4, 7, 8, 9 and 10 of April 2008; and its amendments. f) CDD Policy: Policy of "Due Diligence for Customer Knowledge" referred to in the AML/CFT Regulation. g) ML/TF/Proliferation Risks: Money Laundering, Assets or Goods; and/or Terrorism Financing; and/or Financing the Proliferation of Weapons of Mass Destruction Risks. h) Superintendence: Superintendence of Banks and Other Financial Institutions. i) Superintendent: Superintendent of Banks and Other Financial Institutions.

Article 2. Object and Scope.- This regulation aims to establish the guidelines to be complied with by financial institutions for the opening, management, and closure of simplified savings accounts (SSAs), which they may offer to their clients.
Article 3. Concept and Characteristics of the SSA.-
1 The SSA is a savings account opened by the financial institution for natural persons who qualify with a low-risk profile, and who additionally meet the following characteristics:
a) They are opened only by natural persons. b) The account holder may not maintain more than one SSA 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 SSAs in national currency and one thousand five hundred United States dollars (U$1,500.00) in the case of SSAs 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 medium service, free of charge with respect to the issuance of the payment medium. 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. h) They do not admit overdrafts. Amounts of transactions generated by credits or debits carried out by the financial institution due to the own management of the account shall not be considered for the purposes of calculating the maximum balance of the SSA established in letter d) of this article.
CHAPTER II
OPERATIONALITY OF SSAs
Article 4.- Application of Simplified CDD.-
2 The financial institution will apply a simplified CDD to the SSA, for which it must create a "Basic Customer Profile" (BCP) based on the minimum information criteria determined by the Superintendence. It will not be a requirement for the opening of the SSA to request references, and it will 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 operability within the established conditions and take additional measures that are appropriate to keep the product within the levels typical of a low-risk account in terms of AML/CFT/Proliferation; 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. 1 Article 3, amended on March 5, 2025 - Resolution CDMF-VII-1-25 2 Article 4, amended on March 5, 2025 - Resolution CDMF-VII-1-25

Article 5. Opening of the SSA.- The SSA may be opened through the following means:
a) Directly in the branches or counters of the financial institution; b) Through non-bank correspondents referred to in the regulation governing this matter, applying the controls previously established by the contracting institution; c) Through electronic means enabled by the institution for such purposes, establishing for this purpose the minimum security controls and conditions appropriate to the level of risk of the product and this distribution channel; d) Any other means or channel that institutions establish for this type of account, which must be regulated by the institution and reported to the Superintendent.
Article 6. Associated Services.- The SSA will allow access to the following services:
a) Deposits and withdrawals through the channels established by the financial institution; b) Balance inquiries through the means or channels that institutions establish for this type of account; c) Payment of goods and services; d) Salary payments; e) Payment and sending of remittances; f) National transfers; and, g) Others that the financial institution enables for these accounts.
Article 7. Celebration of Contract.- The financial institution must celebrate a contract with the account holder, which must contain the rights and obligations of the parties, in accordance with what is established in the regulation governing the matter on transparency in financial operations.
In the event that financial institutions allow the opening of the SSA through electronic means, they must also reveal these rights and obligations, establishing mechanisms that allow them to be ratified through the same means, or subsequently.
Article 8. Annexes to the Contract.- The financial institution must accompany the copy of the contract with the informational summary for passive operations referred to in the regulation governing the matter on transparency in financial operations.
Article 9. Cancellation of the SSA.- The financial institution may cancel the SSA in those cases where, through the use of its risk management methodology, it determines the existence of indications of the materialization of ML/TF/Proliferation risks.
Article 10. Closure of the SSA by the Client.- When the SSA holder requests the closure thereof, the financial institution must identify them with the same document used for its opening and will have the obligation to return to them the amount of the available balance in the account at the time of the closure request, in accordance with the procedures and internal controls established by the institution.

Article 11. Transparency of Information.- In accordance with what is established in the regulation governing the matter on transparency in financial operations, financial institutions must inform their clients of all characteristics and restrictions applicable to the SSA, as well as the effects of non-compliance; for which they must disseminate through the mechanisms provided for in the aforementioned regulation, clear, explicit, and understandable information in order to avoid that its text may generate confusion or incorrect interpretations.
CHAPTER III
FINAL PROVISIONS
Article 12. Transfer of Accounts.- For the transfer of accounts, financial institutions will proceed as follows:
a) With prior authorization from the client, they may transfer the existing savings accounts of their clients to the SSA scheme, provided that they meet the characteristics and requirements established in this regulation for this type of account. b) When there are no indications of the materialization of ML/TF/Proliferation risks and the maximum balance of the SSA established in Article 3 of this regulation is repeatedly exceeded, the financial institution, in accordance with its internal risk policies and regulations, may transfer the client to a higher-level account with different characteristics, notifying and obtaining from the account holder the complementary information defined by their policies and regulations, within the timeframe established by them.
Article 13.- Availability of Operation Records.- Financial institutions will be responsible for keeping available the documents or electronic records that support the operations carried out through the SSA, for a period of five (5) years counted from the date of the last transaction or when the contractual relationship with the client has concluded.
Article 14.- Supply of Information to the Superintendence.- Financial institutions must report on the number and total amount of monthly transactions they carry out, in accordance with the Annex attached to this regulation, which is an integral part of it. This information must be supplied in accordance with the Official Calendar for the delivery of information required by the Superintendence.
Article 15.- Exclusions.- The application of this regulation excludes other products related to passive operations that are specific to each financial institution, whether they are active upon the entry into force of this regulation, or those that are developed and offered subsequently.
Article 16. Modification of Annex.- The Superintendent is authorized to make the necessary modifications to the Annex of this Regulation, informing the Board of Directors thereof.
Article 17. Validity.- This regulation will enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette.

ANNEX
STATISTICAL INFORMATION ON SIMPLIFIED SAVINGS ACCOUNTS (SSAs) Amount and balance figures in United States Dollars Institution:
Month and Year Reported:
Geographic Location (Department)
A. GENERAL INFORMATION ON SIMPLIFIED SAVINGS ACCOUNTS Total number of SSAs opened in the period Total number of SSAs closed in the period Total number of SSAs active in the period Total number of SSAs inactive in the period Monthly balance at cutoff Interest rate B. LINKED PAYMENT MEDIA Number of SSAs linked to a debit card Number of SSAs linked to services channeled through mobile devices, in accordance with the regulation governing the matter on electronic money operations.
C. TRANSACTIONS
Type of transaction Number of transactions
Average amount of the transaction
Deposits
Withdrawals
Payment of goods and services
Salary payments
Payment and sending of remittances
National transfers
Others
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