Costa Rica Gazettes Resolution Amending Due Diligence Record Keeping Requirements for Financial Institutions Under AEOI-CRS

The Costa Rican Official Gazette Aug. 24 published Resolution No. DGT-R-23-2022, amending due diligence provisions for financial institutions subject to the automatic exchange of information (AEOI) under the common reporting standard (CRS). The resolution includes measures: 1) imposing a five-year record keeping requirement for financial institutions to maintain due diligence documentation and any information supporting the CRS report; 2) specifying that the count begins from the day following the last day of the period in which the information is required to be provided; and 3) specifying that the five-year period will be extended if the account remains open following those ...