Controls on Bank Transfers in Panama

The Superintendency of Banks in Panama has modified the rules on the information that must be collected by financial institutions to transfer funds.

Friday, May 12, 2017

From AGREEMENT No. 004-2017 of April 25, 2017 which amends Article 5 of Agreement No. 2-2017 which updates the provisions on Transfers of Funds.

ARTICLE 1. Article 5 of Agreement No. 2-2017 reads as follows: 

"ARTICLE 5. NATIONAL TRANSFERS. In the case of national transfers, the sending bank must ensure that it receives the following information: 
1.  Details of the payer and beneficiary, as provided in Article 4 of this Agreement. 
2.  Account number of the originator and the beneficiary or a single reference number of the transaction. 
3.  Amount of transfer. 

In the case of transfers of funds for amounts equal to or less than one thousand balboas (B /.  1,000.00), it will not be necessary to collect information about the beneficiary. 

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