FAQs on the implementation of CICAC

1. What is CICAC?

CICAC is the Know Your Client Information Center, a technological platform that allows having a single electronic file, and is promoted by SUGEF; in which all the supervised entities of the country register and consult the information of physical and legal clients.

2. What is SUGEF?

SUGEF is the General Superintendence of Financial Entities, a public entity that supervises the stability, resilience, and efficiency of the national financial system; and inspects and regulates the operations and activities of financial entities, establishing guidelines and regulations to promote sound banking practices. Where does this platform come from?

3. Why was CICAC created?

Law No. 7786 on narcotic drugs, psychotropic substances, drugs for unauthorized use, related activities, money laundering and financing of terrorism, grants SUGEF, in article 16 bis, the responsibility of creating a database with information on the Know Your Customer policy.

4. What are the benefits of CICAC?

  • Your customer information will be unified and integrated into a single database, which will help avoid duplication and inconsistency in your data. In addition, it will help you simplify procedures and save time.
  • Every time you initiate a procedure in a supervised entity, you will not have to fill out the Know Your Client form, but only grant authorization for your respective query at CICAC.
  • Strengthens the fight against money laundering, financing of terrorism and financing of the production of weapons of mass destruction, established by Law No. 7786.

5. Who has access to CICAC?

The CICAC is accessed through a link that will be available on the portals of the Superintendencies and only authorized persons from the supervised companies may access it, with the prior authorization of the owner of the information.

6. What information does the CICAC contain about users?

It is defined that the information that the CICAC must contain is that which allows to determine the representation, domicile, legal capacity, occupation or corporate purpose of the person, the source or origin of the funds that justify the transactions to be carried out, to which is essential to know the level and origin of assets to be deposited by a client, the size of the transactions carried out and the amount of income received by the client.

7. Who can update customer data in CICAC?

Only authorized officials of the financial entities can create, consult or modify your file in the CICAC.

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