Banking Monitoring: Changes in Processes

In order to attend with greater agility, now in Panama the Superintendence of Banks will be able to manage via e-mail the claims submitted to it.

Monday, July 27, 2020

To speed up the processes for the attention of claims before the regulatory entity, the Board of Directors of the Superintendence of Banks of Panama (SBP), approved Agreement No. 8 -2020 of July 16, 2020, which amends Articles 8 and 13 of Agreement No. 3-2008.

You may be interested in "Credits: Potential market in the region"

An official statement details that "... The Agreement establishes measures related to the transfer and response to claims by the Superintendence of Banks, which may be made by e-mail.

In this regard, the rule states that the Superintendence will transfer the claim to the bank, via email, to be answered within five (5) working days. Upon replying, the bank must attach a full copy of the procedure or management given to such claim by its Complaint Attention System.

The bank's response to the transfer and the evidence provided shall be acknowledged by e-mail and the validity of the documents attached be recognized. Once the bank has sent the response to the transfer, it may not attach any additional documents. Nevertheless, it states that the Superintendence may request additional documentation or require proof ex officio.

See full document (in Spanish).

More on this topic

Financial System: Bonds in Costa Rica

August 2020

The official notice obliging all entities of the country's financial system to provide the tax authorities with information on the bank accounts of all their foreign clients was published in the Gazette.

According to official letter No DGT-R-16-2020 entitled "Resolution on due diligence for the provision of information corresponding to the standard for the automatic exchange of information on financial accounts: Common Reporting Standard (CRS), in relation to financial and non-financial entities", which was published in the Official Gazette on August 5, institutions are required to report the information to the General Directorate of Taxation, an agency of the Ministry of Finance.

Bank Secrecy: Can the Court's Decision Be Reversed?

August 2019

Experts and authorities believe that the ruling by the Guatemalan Constitutional Court revoking the suspension preventing access to taxpayers' bank information for fiscal purposes could be reversed with another legal action.

In recent days, the issue has become more relevant in the country, because after a year of being suspended access to banking information for tax purposes, on August 6 the Constitutional Court finally ruled, authorizing the Superintendence of Tax Administration (SAT) to review the accounts of taxpayers.

Tax Information: Pending Matter Involved in Controversy

August 2019

Arguing that it does not comply with the standards on transparency and exchange of information for tax purposes, the OECD evaluated Guatemala negatively and recommended working on direct access to taxpayers' banking information.

As planned, following the temporary suspension by the Constitutional Court (CC) of the article of law facilitating access to taxpayers' bank information, the Organization for Economic Cooperation and Development (OECD) decided to include Guatemala in the list of countries that do not comply with their fiscal information commitments.

More Power for Superintendency of Banks in Guatemala

April 2013

The amendments to the Law on Banks and Financial Groups, which provide greater control for the country's financial system, are now in effect.

"One of the most important reforms is that the Superintendency of Banks (SIB), has the power to limit banks, finance companies and offshore entities in the distribution of dividends," noted an article in .

 close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones

Looking for Importers and distributors of furniture

Mexican manufacturer of office furniture seeks importers and distributors interested in dealing their products in Central America.
PM Steele is a 100% Mexican company, with more than 67...

Stock Indexes

(Apr 6)
Dow Jones
S&P 500


(Sep 24)
Brent Crude Oil
Coffee "C"