Tighter Controls in Panama's Insurance Industry

Starting today, stricter controls come into effect for preventing money laundering in the insurance industry.

Tuesday, September 22, 2009

Under the new rules, an observance officer will control compliance with regulations, explained Luis Della Tonga, Insurance and Reinsurance Superintendent.

"Additionally, he announced the development of automated systems and training policies to prevent money laundering", reported Pa-digital.com.pa.

More on this topic

Panama: New Rules for Insurers

August 2015

The new regulations approved includes measures to prevent money laundering and the obligation to submit a monthly report to the Financial Analysis Unit.

From the agreement published by the Superintendency of Insurance and Reinsurance:

Article 1. Object. This regulation sets minimum criteria which should be sought by all natural and legal persons authorized by the Superintendency to practice the insurance and reinsurance business in or from Panama, hereinafter obligated the insurance sector in order to prevent, detect and mitigate operational risks that could encourage, assist, aid or provide cooperation in the commission of crimes of BC / FT / FPADM.

Money Laundering in the Insurance Sector

October 2014

In Panama the insurance market is strengthening preventive measures in order to get the country removed from the "gray list" of the International Financial Action Group.

The latest measure taken by the Superintendent of Insurance and Reinsurance was hosting the forum 'Measures for the Prevention of Money Laundering and Combating the Financing of Terrorism in the Insurance Sector' in which issues were addressed related to the prevention of money laundering and risk management in the sector.

Forum on Prevention of Money Laundering

August 2014

Experts on the prevention of money laundering will be meeting in Panama City on October 19th, 2014 to discuss the impact of this practice in the insurance sector.

Organized by the Superintendency of Insurance and Reinsurance the Forum will bring together enforcement officers from insurance companies registered in the country.

Guatemala to Oversee Prepaid Card Systems

March 2010

The Banking Superintendence of Guatemala will devise controls for prepaid cards, in order to prevent their involvement in money laundering.

This process includes telephony cards and public transportation prepaid cards.

Superintendent Edgar Barquín commented that they need a file for each person with their name, id, address and tax number, in order to monitor the amounts being recharged.

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