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Banco Popular Draws Line On Account Update: December 21

December 21 is the date the Banco Popular has chosen to have all its customers have their account information update or face suspension of the account, including turning off credit cards.

Geovanny Garro, manager of business for the state bank, said the bank will be taking a hard line against customers have not updated their information, that could result in the closure of the account in some cases.

Customers of banks in Costa Rica - state and private - are required under Ley 8204 to update their account information and "justify" the source of funds in their accounts.

The banks are required to ask their customers the origin of their funds on deposit or future deposits to comply with the law.

Banks are asking for their customers to provide proof of residence, including the rental contract for renters, a financial statement by a certified public accountant if they are self or not employed and detailed and specific explanation of the source of their income.

In the case of corporate accounts, a copy of the corporate ID and authorization is required.

Although the Banco Popular is the only bank to set a specific date or else, other banks are expected to follow suit as they comply with the law "Legitimación de Capitales" in an attempt to curb money laundering from drug trafficking and other illegal activities.

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