Costa Rica approves anti-money laundering bill targeting cryptocurrency services

According to ME News, on May 28 (UTC+8), the Costa Rican Legislative Assembly unanimously passed Amendment Law No. 7786, which establishes specific obligations for virtual asset service providers regarding anti-money laundering, counter-terrorism financing, and the proliferation of weapons of mass destruction. This bill responds to a 2024 warning from the Financial Action Task Force (FATF) that Costa Rica could be placed on a grey list if it fails to fill regulatory gaps. The new law requires virtual asset service providers to register with the General Authority for Financial Supervision and to fulfill obligations such as customer due diligence, transaction record keeping, and reporting of suspicious transactions. Fines for violations range from 5% to 50% of the transaction amount, or from $1,800 to $90,000. The law will take effect three months after its enactment, and its effectiveness depends on the regulatory authorities' enforcement. (Source: ME)