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. 

Do you need information about the financial sector?

Request more information:









this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423


More on this topic

Nicaragua: Electronic Payments Continue to Grow

May 2018

During the first quarter of 2018, the amount of electronic payment services provided totaled $16,254 million, 62% more than in the same period in 2017.

The Central Bank of Nicaragua reported that within the operations of electronic payments made in the first three months of the year, " ...

Costa Rica: Restrictions on Banking Transactions

March 2017

Companies that make or receive international transfers for amounts of over $50,000 per transaction will have to indicate the origin of the funds.

Banking entities have reached an agreement to amend the Self-Regulation Rules for Monitoring of International Transfers to Prevent Money Laundering and Terrorist Financing. The amendment was approved in October 2016, and banks will have to start  implementing the new measures in January this year.

Costa Rica: Controls on Transfers of More than $1,000

May 2016

With the proposed reform to Law 8204, all electronic transfers of $1,000 or more will have to be justified by customers and registered by banks.

Article 19a of the regulation under consultation indicates that "...The subjects under obligation who provide transfer services to or from other countries in local or foreign currency, which equal or exceed US $1,000.00 (one thousand dollars in the currency of the United States of America) or its equivalent in colones or other foreign currency, must electronically record the information listed below:

MoneyGram Forges Central American Alliance with Citi

June 2010

MoneyGram International and Citi today announced an agreement to expand MoneyGram's money transfer services to all Citi locations in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

"This important agreement extends MoneyGram's presence in Citi's network across Central America," said Dan O'Malley, MoneyGram International executive vice president for the Americas.

 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


Tailor made software for construction companies

O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Nov 30)
Brent Crude Oil
70.3
Coffee "C"
234.6
Gold
1,795
Silver
22.79