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A.M. Costa Rica

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(506) 2223-1327       San José, Costa Rica, Friday, July 3, 2009,  Vol. 9, No. 130       E-mail us
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July 4 holiday


Franz Kafka is alive, well and working at a bank
By the A.M. Costa Rica staff

The request seemed to be a simple one for a hotel owner. Banco Popular had frozen the company account and wanted updated personal information on the principal users.

This situation is developing daily here as banks scurry to "know their customer," as required under anti-money laundering laws.

The problem was the owner was in the United States. So the time was right to remove his name from the account and let the manager continue to pay bills from the company account as he had done for 18 years.

Another problem: The manager and the hotel were in Guanacaste.

Solution: Send a messenger to collect the required identity information.

Problem: For some reason when the central bank office workers in San José got the updated identity information from the manager, they took him off the account instead of the owner.

Problem: The bank action caused a rain of bounced checks because they would not honor the signature of the manager incorrectly removed from the account. And the bank stalled in correcting the problem.

Solution: Have a business associate put a couple of thousand dollars in the manager's personal account at the same bank to cover the bum checks. A messenger was sent with the cash.

Problem: A bank teller refused to accept the money for the manager's personal account even though the messenger had the cash and the account number. The bank officials demanded to see a photo ID of the person GETTING the money.

Solution: The manager faxes a copy of his U.S. passport to the business associate in San José
Banco Popular teller

who promptly sends the messenger back.

Problem: Bank teller notices that the number on the manager's new U.S. passport does not coincide with the number originally presented to the bank 18 years ago. The teller freezes the manager's personal account, too, unaware that unlike Costa Rican passports, the U.S. number changes at every renewal.

Solution: It would be easier to say don't do business with Banco Popular, but in some areas it is the only banking institution. And before long every bank in town will be requiring a photo ID of the recipient when money is posted to an account. Such a requirement is in Law #8204, said bank officials.

Problem: Commerce will grind to a halt. And bank officials are making up the scenario as they go along because the anti-drug law #8204 really does not contain any such requirements.

Solution:  ?



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