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Ley 8204

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  • Fred Holmes
    Recently a big red notice popped up on my BNCR on line log in screen. I toodled down to the bank and was told that I needed to provide a statement from the US
    Message 1 of 13 , Oct 4, 2013
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      Recently a big red notice popped up on my BNCR on line log in screen. I toodled down to the bank and was told that I needed to provide a statement from the US government showing that I have at least $1000.00 being deposited from US Social Security. This cannot be over 90 days old and must be an original, not a copy.

      This means that I have to go to the US Embassy and get a Social Security benefits statement for the bank in Spanish.

      At least I think this is what I was told and is on the form they gave me. 

      I got on the Embassy website to make an appointment and saw that because of the US government shut down they were not processing any benefit statements.

      I have been Direct depositing my SS to this account for nearly 8 years, have a permanent residence cedula and have never had a problem at the bank.

      Anybody else having this experience? BTW I contacted my atty and he said if I didn't furnish  this form they would freeze my account.

      Anybody got any suggestions?

      If you want to see the form email me directly and I will attach it.

      Fred  highly irritated in Puriscal
    • Robert Williams
      Fred said:  
      Message 2 of 13 , Oct 4, 2013
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        Fred said:
         
        <Recently a big red notice popped up on my BNCR on line log in screen. I toodled down to the bank and was told that I needed to provide a statement from the US <government showing that I have at least $1000.00 being deposited from US Social Security. This cannot be over 90 days old and must be an original, not a copy.
         
        In this case are the proceeds of the Social Security benefit being deposited directly into the BNCR via the Bank of New York, or are the proceeds being deposited into a personal account in the US, and then withdrawn to deposit in the BNCR?
         
        I am not the sharpest pencil in the box, but it would seem that if the SS benefit was being routed by the Bank of New York, less the $6 transfer fee, to the BNCR, that should be sufficient proof of whatever amount of Social Security benefit a person has.
         
        Robert

      • Kerry Dressler
        Actually everyone has to do this from now on, once a year, I think. When you see the red statement... finish signing on, then go to the top of the screen
        Message 3 of 13 , Oct 4, 2013
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          Actually everyone has to do this from now on, once a year, I think. When you see the red statement... finish signing on, then go to the top of the screen where it says Preferences. Under Preferences, go to the first link(I think it is #1 or #2) that says Ley 8204, click on that and it brings up a form with all your information on it. read thru it. At the bottom on the left are two check boxes. The lower one is checked. check the upper one and save the message. I don't have SS going into my account, but it accepted the changes and that was all I had to do. It might be different for folks with SS, but I think BNCR is just trying to verify the info and there is a chance that it will accept what you were getting in the past and let it go. It is worth a try. I can't believe they would make you get that statement once a year....

          You have until the end of December to Actualizar the account. ALL expats have to do this so the US IRS can chase down all our income. Heaven knows if you don't declare you have an account, and you have $10,000 at any time during the year in the account, and don't put it on another form at tax time... they can hit you for serious money for non-compliance. All the banks will have to appease the IRS and do this, or the US will hold up any money going from the US to these banks.

          My husband doesn't use online banking so I think I have to drag him to the bank to make his statement.
        • Anthony Carneiro
          Re: . . . BNCR . . ..  I needed to provide a statement from the US government showing that I have at least $1000.00 being deposited from US Social Security.
          Message 4 of 13 , Oct 4, 2013
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            Re: ". . . BNCR . . ..  I needed to provide a statement from the US government showing that I have at least $1000.00 being deposited from US Social Security. This cannot be over 90 days old and must be an original, not a copy.

            This means that I have to go to the US Embassy and get a Social Security benefits statement for the bank in Spanish."
            -   -  -  -  -  -  -

                Maybe not; maybe I got lucky. I went to BNCR to add a Colones account; they asked for a US Government statement.
                I went to the US Social Security (SSA) web site; after signing in, I got to the page where it said, "Get a Benefit Verification Letter "; I clicked on it and after a questions page, they displayed a SSA Letter for printing. The Letter had the SSA letterhead in red and blue, and had a signature.
                I printed out a copy of the letter; BNCR in Curridabat/Plaza del Sol accepted it as is - in English.

                Worked so well I tried it with BCR. They said the letter had to be in Spanish, so I Google-translated it and went back to the same clerk; she accepted it!

                As I said, maybe I got lucky; I went to the banks with the complete packet the wanted; a utility bill showing my address, copy of my Cedula, and the SSA letter with copy; I handed them the packet and leaned back, behaving like it was what they wanted. Worked for me; give it a shot.

                To get the letter, start by signing in at the US Social Security web site at: https://secure.ssa.gov/RIL/SiView.do

            Good luck;
            Anthony C./Curridabat
          • George Lundquist
            Hola Fred, I got that notice and just went to the preferences drop down and selected the button to the Ley 8204. I corrected the information on my account
            Message 5 of 13 , Oct 5, 2013
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              Hola Fred,

              I got that notice and just went to the "preferences" drop down and selected the button to the Ley 8204.

              I corrected the information on my account and all seems well now. The notice no longer appears on my log in screen.

              You can click on the "translation" bar on the B/N page to help you make it more clear.



              -  -
            • jckincy
              It is my understanding that every person who has a bank account in Costa Rica must update their data (address, email, tel. numbers, etc) each year by 31
              Message 6 of 13 , Oct 5, 2013
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                It is my understanding that every person who has a bank account in Costa Rica must update their data (address, email, tel. numbers, etc) each year by 31 December.  If your income has changed or the source of has changed you have to go to the bank and provide the information.

                For now I am proceeding on the basis that my SS income has not changed significantly over the last three years and so not bothering with that until otherwised being notified.

                Three years ago BNCR called me in and asked for a statement on my SS income.  I told them I had given them that information when I opened the account that same year.  They retreived my file and sure enough there was the statement (not original) with an attached CR accountant's certtification in my file.  But the jefe saw an original SS statement (in English) in my personal file that I had brought with me and asked if he could have a copy.  I said sure but is in English.  His reply was "we all know English here but most of us do not like to try speaking it".  Confirming a suspicion of mine.
              • linda field
                A few weeks ago I got a phone call from someone at the Grecia branch of BancoNacional. Took every scrap of paper I had concerning my Social Security check
                Message 7 of 13 , Oct 5, 2013
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                  A few weeks ago I got a phone call from someone at the Grecia branch of BancoNacional. Took every scrap of paper I had concerning my Social Security check being direct deposited. Interesting that I'm not alone in this. All it took was going to the branch with the letter from Social Security (several months old) that my money would be directed deposited into a bank. No name/account needed. Very strange!  Linda
                • steveandpaulacr
                  I think its part of this know your customer that the bank carries out every year or two. If this is the case, you have until the end of the year before they
                  Message 8 of 13 , Oct 5, 2013
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                    I think its part of this "know your customer" that the bank carries out every year or two. If this is the case, you have until the end of the year before they freeze your account.


                    Paula
                  • steveandpaulacr
                    It s not just expats that have to do it - everyone has to do it and they have to show the provenance of their money. We just had it done at Desyfin who only
                    Message 9 of 13 , Oct 5, 2013
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                      It's not just expats that have to do it - everyone has to do it and they have to show the provenance of their money. We just had it done at Desyfin who only wanted our Canadian bank statement, our cédulas and an electricity bill. Scotiabank on the other hand wanted proof of pension payments - we weren't sure what forms they wanted so we took our whole file and suggested they help themselves. They made copies of our electricity bill, cédula and some papers in our files and that was it.


                      Paula
                    • kerdres
                      I have some bad news... the red message (on the BNCR website) that tells you to go to Preferences to Actualizar your account.... Is NOT going to eliminate
                      Message 10 of 13 , Oct 7, 2013
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                        I have some bad news... the red message (on the BNCR website) that tells you to go to Preferences to Actualizar your account....  Is NOT going to eliminate going into the BNCR to do it in person.  When I clicked on the box at the bottom of them page, and saved, it looked like it had accepted my input and the message disappeared.  Well, it's back again.  So, I went in to find out that they "hope" in the future to accept online input, but not now.  So, this is the experience I had at BNCR.  I asked a few questions and got these answers.

                        1.  You will have to do this every 19 months.  ad nauseum.
                        2.  bring a copy of your DIMEX card, the original, and a copy of you SS paperwork, or Pay (if employed)
                        3.  I mentioned that the US Embassy wasn't processing SS letters and mentioned that a letter could be gotten from the Social Security website in English.  At least at my BNCR in Paraiso... that would be acceptable. If it has a logo and doesn't have to be translated into Spanish.
                        4.  I brought in an electric bill, but was told it wasn't needed if I hadn't changed residences since the last time I did this.
                        5.  I was asked a few questions to verify the information they had, then we each signed a sheet of paper with all our answers.
                        6.  EVERY account holder, expat and Tico will have to do this.  It really didn't take much time, and you have until the end of December, but there was no one there now... later on it will be a mad house.  I feel sorry for the people who will have to process all this data every 19 months!

                         



                        ---In CostaRicaLiving@yahoogroups.com, <costaricaliving@yahoogroups.com> wrote:

                        It's not just expats that have to do it - everyone has to do it and they have to show the provenance of their money. We just had it done at Desyfin who only wanted our Canadian bank statement, our cédulas and an electricity bill. Scotiabank on the other hand wanted proof of pension payments - we weren't sure what forms they wanted so we took our whole file and suggested they help themselves. They made copies of our electricity bill, cédula and some papers in our files and that was it.


                        Paula
                      • Robert Williams
                        I have read the posts regarding compliance with BNCR, Deyfin, and Scotiabank. However I have not seen a post regarding compliance with this law by BCR
                        Message 11 of 13 , Oct 7, 2013
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                          I have read the posts regarding compliance with BNCR, Deyfin, and Scotiabank. However I have not seen a post regarding compliance with this law by BCR customers. Am I missing something?
                          When did Ley 8204 become effective?
                           
                          Robert
                           
                           
                        • Kerry Dressler
                          I was listening to the radio in my car this morning. 89.1 carries the canal 7 news. I heard 2 announcements. 1. Scotia bank is offering prizes and a drawing
                          Message 12 of 13 , Oct 8, 2013
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                            I was listening to the radio in my car this morning. 89.1 carries the canal 7 news. I heard 2 announcements.

                            1. Scotia bank is offering prizes and a drawing to everyone who has an account and comes in soon to actualizar the account.

                            2. The association of banks of Costa Rica was warning everyon who has a banking account at ANY bank that their accounts have the information updated (actualizado) or the accounts will be closed.

                            I guess this answers the quesion if all banks are involved. They definitely are. Plus it also answers the question of "who has to do this" . The answer being EVERYONE.
                          • John Kincy
                            When did Ley 8204 become effective? Law 8204 is the drug control law, Jan 11, 2002. * What is under discussion is the regulation issued by SUGEF, the financial
                            Message 13 of 13 , Oct 8, 2013
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                               When did Ley 8204 become effective? Law 8204 is the drug control law, Jan 11, 2002.

                              What is under discussion is the regulation issued by SUGEF, the financial regulator. 
                              12-10 SUGEF REGULATIONS FOR ENFORCEMENT of LAW 8204.

                              This was published 2 December 2010. This regulation is in order for financial institutions to be in compliance with ley Nº 8204. BCR is regulated by SUGEF and will have to comply with these regs. but how you would have to ask BCR.

                              SUGEF has adopted a policy of "know your customer" not unlike what the US Federal Reserve requires in the USA.

                              Artículo 8. Información mínima del cliente persona física
                              The individual client record must contain a minimum of customer identification by a current copy of the national identity card for nationals, full passport for non-resident aliens and foreign residency card for residents in the country. the Policy should detail additional requirements and identification methods to be met for foreign residents and non-residents to open an account.
                              The customer's file should include the following :
                              a) Date of opening the account , product or service.
                              b ) Client code (if any) .
                              c) Full Name.
                              d ) Nationality ( s) , date and place of birth ( indicating the country ) .
                              e) Status .
                              f) Sex (M) or (F).
                              g ) Exact address of the permanent residence  (indicated by compass points including province, county , district and other specific signs and physical characteristics of the address) .
                              h ) E-mail address .
                              i) Phone and fax .
                              j ) Profession and occupation .
                              k ) Employer's name, or the nature of their business if you develop independent activities.
                              l) Determine if the customer is a politically exposed person ( PEP ) .
                              m) Purpose and nature of the business relationship.
                              n )Description of the source or origin of funds warrant transactions to perform, for example : wages , fees, business operations , inheritance , income , among others, which should be supported by public information databases, employers orders , certifications of income , proof of salary, list of employers , and others.

                              You can find the full text (in Spanish of course)  at the link:
                              http://www.sugef.fi.cr/servicios/documentos/normativa/normativaprudencial/reglamento%2012-10/SUGEF%2012-10.pdf

                              enjoy :-)
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