Banking Transactions: More Controls in Panama

From May 2019, foreign customers will have to declare to local system banks that their funds meet their country's tax requirements.

Thursday, April 25, 2019

The Superintendence of Banks of Panama (SBP) approved Agreement 02-2019, which implements the recommendations of the Financial Action Task Force, which consists of expanding the required due diligence measures of banks with their customers.

Regarding foreign customers, the agreement explains that "... Affidavit indicating that the inflows and outflows made to the financial institution comply and will comply with tax obligations in their country or countries of tax residence.

Carlos Berguido, executive president of the Panama Banking Association, told Prensa.com that "... the guild was consulted during the drafting of the agreement, which seeks to standardize actions by enacting the law that criminalizes fraud and lists it as a predicate crime for money laundering."

Berguido added that "... in a broader context, this and other requirements imposed as a measure of risk aversion make customers have an unattractive experience and a comprehensive review of due diligence procedures is needed."

Banks and fiduciaries will have until May 15, 2020, to comply with Articles 1 and 2 of this Agreement, the document explains.

See Agreement 02-2019.

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More on this topic

Panama: Now Facing Consequences for Being "Gray"

February 2015

Banks struggling to keep their correspondents and restrictions for Panamanian companies in the external financial market, are some of the consequences of being on the FATF's gray list.

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Panama Strengthens Money Laundering Controls

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The Superintendency of Banks in Panama has added special reviews of financial institutions announcing that fines for infringers will reach up to $1 million.

From a statement issued by the Superintendency of Banks of Panama:

We inform you that starting from November 18, 2014, we are operating a special program of inspections of banks, in order to verify compliance with the established regime to prevent services being improperly used for the offense of money laundering, financing terrorism and other related crimes or those of a similar nature or origin. This program is an additional measure to the inspections made by the Superintendency .

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The Panamanian Association of Business Executives is proposing regulating cooperatives, pawn shops and casinos, signing the memorandum of IOSCO, creating a new law on money laundering and strengthening the Financial Analysis Unit.

During the second business forum called 'gray lists: Check Mate for Panama?', the Panamanian Association of Business Executives unveiled their proposals, action lines and suggestions for improving the conditions of the country and getting off the "gray list" it has recently been included in.

How Will Panama Get Off the Grey List?

August 2014

According to the Superintendency of Banks, removing the country from the list will be more complex than expected, as not all sectors see it as a priority issue for the economy.

Panama needs to improve legislation and controls in the financial system in order to achieve compliance with the recommendations made by the Financial Action Task Force (FATF).

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