Costa Rica Approves Anti-Money Laundering Law for Crypto Service Providers

According to CriptoNoticias, Costa Rica's legislative assembly has recently approved Amendment 7786, imposing anti-money laundering, counter-terrorism financing, and weapons of mass destruction proliferation obligations on virtual asset service providers. The law requires these providers to register with the Financial Regulatory Authority and comply with customer identification, due diligence, transaction record-keeping, and suspicious transaction reporting requirements. Penalties for violations range from 5% to 50% of transaction amounts, or between $1,800 and $90,000. The law will take effect three months after publication.
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