Costa Rica Sets Deadline for Crypto Business Registration Under New AML Law
Costa Rica's financial regulator SUGEF will begin enforcing a new anti-money laundering law in September 2026, requiring virtual asset service providers to register with the agency.
The legislation, Ley 10961, signed into law in June 2026, brings crypto businesses under formal supervision and subjects them to AML and counter-terrorist financing obligations.
Registered providers will be required to identify customers and beneficial owners, maintain transaction records, apply enhanced due diligence in higher-risk situations, and conduct relevant sanctions screening.
The framework also establishes reporting and compliance obligations for covered providers, including freezing assets linked to sanctions designations and reporting suspicious transactions.
Aaron Glauberman, Co-Founder and Managing Partner at LegalBison, warns that non-compliance will result in severe consequences, including restrictions on maintaining commercial relationships with SUGEF-supervised financial institutions and potential financial penalties.