New "Know Your Customer" Regulations in Panama

Resident agents should require their customer satisfactory evidence of identity or of that of the final beneficiary.

Monday, January 31, 2011

The National Assembly passed Bill 275 in third debate, regulating the information requested by resident agents or lawyers in order to strengthen the fight against money laundering and terrorist financing.

The proposal provides for penalties for firms and attorneys who break the rules by not having all the customer information necessary and at the request of competent authorities investigating illegal activities.

The deputy economy minister, Frank De Lima, said that during the creation of this law, directors from Bar Association (CNA) and the International Bar Association participated.

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

Endorsement to Final Beneficiary Registry

February 2020

The Assembly of Panama approved in third debate the draft law that creates the private and unique system of registration of final beneficiaries of legal entities.

Chapter II of the document, on Registration of Resident Agents, stipulates that any lawyer or law firm providing professional services as a resident agent for one or more legal persons, constituted or registered in the country, must register and keep in force their registration with the Superintendency of Non-Financial Subjects, the Legislative Assembly informed.

Banking Transactions: More Controls in Panama

April 2019

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

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.

Progress in Tax Evasion Law

October 2018

The law project approved in the first debate in Panama establishes penalties of two to four years in prison for evasion of $300,000 or more and could be used as a precedent for money laundering.

The Commission of Government, Justice and Constitutional Affairs of the National Assembly, approved in the first debate the law project 591, which considers tax evasion as a crime.

Costa Rica: The New Law Against Money Laundering

May 2017

Once enacted, the newly approved law will force accountants, lawyers, realtors, and other professionals to report suspicious transactions made by their clients.

Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a second debate by the Legislative Assembly.