Organizations subject to anti-money laundering and counter-terrorist financing requirements must maintain appropriate procedures and controls to manage their risks and demonstrate compliance with applicable regulations.
In Costa Rica, Law No. 7786 and its related regulations establish obligations for certain activities and regulated entities, including those covered by Articles 15 and 15 bis.
Compliance with these provisions requires more than preparing documentation. It involves establishing procedures, assigning responsibilities, implementing controls, and maintaining evidence of their execution.
What Is a Compliance Audit?
A compliance audit evaluates whether an organization meets the legal, regulatory, and other applicable requirements governing its activities.
In matters involving the prevention of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction, this review may include an assessment of the entity's policies, procedures, controls, and supporting documentation.
The specific scope depends on the type of regulated entity and the applicable regulatory provisions.
What Areas May Be Evaluated?
Key areas subject to review may include:
- Internal prevention policies and procedures.
- Risk identification and assessment.
- Customer due diligence procedures, where applicable.
- Document and record retention.
- Employee training.
- Assignment of compliance responsibilities and functions.
- Implementation and monitoring of internal controls.
- Compliance with applicable regulatory requirements.
Why Are Periodic Reviews Important?
The existence of written policies does not necessarily mean they are being properly implemented.
An independent review helps identify differences between established procedures and their actual execution, as well as opportunities to strengthen preventive controls.
It also enables management to understand identified weaknesses and implement timely corrective measures.
Periodic compliance assessments contribute to developing an organizational culture focused on prevention and responsible risk management.
Compliance and Prevention as Part of Business Management
Regulatory obligations should be integrated into an organization's regular business processes, ensuring that controls are appropriate for the nature, size, and risks of its activities.
At Despacho Jiménez y Guzmán Asociados S.A., we provide compliance audit services related to the prevention of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction, taking into account Law No. 7786 and the regulations applicable to each regulated entity.
A timely assessment helps identify opportunities for improvement and strengthen compliance with regulatory obligations.
This article is for information only and does not replace professional advice on your specific case.
