An agreement is in effect which requires banks to immediately register all customer transactions made through online banking services or at ATMs.
From April 1 all banking transactions made by the ACH system in Panama may be compensated and be made available to customers on the same day of the transaction. Agreement 001-2016 with the Superintendency of Banks requires banks to immediately register all transactions that customers make through online banking services or ATMs.
The bank acquired 70% of the shares of Universal Bank and annulled the license which it had been granted to operate in the microfinance segment.
The Superintendency of Banks authorised CANAL BANK, SA (BMF) General Banking License, to change its name from CANAL BANK, SA (BMF) to CANAL BANK, SA and canceled and annulled the banking license for Microfinancing granted to CANAL BANK, SA (BMF).
Through a real estate development fund, $40 million will be raised from the local market to build an office building for the four superintendencies of financial markets.
The state run BN Funds is the manager of Fondo de Inversión de Desarrollo Inmobiliario de Infraestructura Pública -1, created by the Central Bank of Costa Rica to attract the necessary funds to construct a building to house the offices of the regulators of pensions, insurance, securities and financial institutions.
Private banks are protesting because "the provisions contained in the banking law referring to the requirements and authorizations for the establishment and commencement of operations of commercial banks will not be applicable to Produzcamos."
In the process of starting operations, the entity is not required to comply with the rules of the General Banking Act and that of the Superintendency for Banks and Other Financial Institutions (SIBOIF).
The Monetary Board has issued regulations governing the registration of local rating agencies, and the requirement for all financial institutions to be qualified.
In addition the Monetary Board (MB), published the regulation on Concentration in Contingencies and Investments as well as issues related to the operating permits for offshore entities, regulations that are part of the changes made to the Banking Act and financial groups that were in effect before April 1.
Rating agencies registration is now mandatory and banking institutions must be rated by one of them.
Rating agencies will have to submit their paperwork to the Superintendency of Banks (SIB). According to the chairman of the Monetary Board (JM) and the Bank of Guatemala (Banguat), Edgar Barquin, "among the amendments to the Law on Banks and Financial Groups is the addition that now banks must have a risk rating" .
Banks are now forced to hire specialized Risk Rating companies.
The Panamanian Banking Superintendence passed accord 2-2010, which introduces regulations regarding risk rating at banks.
According to the recently passed regulation, Official Banks, General License Banks and International Licensed Banks must hire, at their expense, the services of specialized Risk Rating companies. Said agencies must comply with the Fundamental Conduct Code, issued by IOSCO, the International Organization of Securities Commissions.
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