Insurers and the Law Against Money Laundering

In Panama, licenses of insurers who, as of August 1, have not registered in the system for reporting suspicious transactions under the law against money laundering, will be suspended.

Friday, May 26, 2017

The Superintendency of Insurance and Reinsurance announced that since February this year brokers and insurance companies, now obliged to report any suspect transactions made by their customers, should use the new platform of the Financial Analysis Unit (UAF).

The Superintendency points out that "... so that the obligated subjects can comply with the law, training and mass registrations have been carried out since January 2016. However, despite efforts and the time that has passed, 40% of insurance brokers on the AUF online platform have yet to be registered." reports that "...In Panama there are 373 insurance brokerage firms and 2,591 brokers, who act as intermediaries between insurers and insurance buyers."

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Costa Rica: Implications of the Money Laundering Law Reform

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The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents to report suspicious transactions made by their clients.

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