Costa Rica Passes Law Imposing AML Obligations on Virtual Asset Providers

Costa Rica's legislative body has approved a new law on May 25, imposing anti-money laundering (AML) and counter-terrorism financing obligations on virtual asset service providers (VASPs). According to Foresight News, the law mandates that VASPs register with the General Superintendency of Financial Entities and comply with requirements such as customer identification, beneficiary due diligence, transaction record-keeping, and reporting of suspicious transactions. Failure to register or fulfill due diligence obligations could result in fines ranging from approximately $1,800 to $90,000. Additionally, specific violations may incur penalties of 5% to 50% of the transaction amount. The law will take effect three months after its publication, with related implementation guidelines to be established within the same timeframe.