Warnings in Panama Over Financial Fraud

The Superintendency of Banks in Panama is keeping a list containing names of companies that are not authorized to perform private banking or trust activities.

Monday, April 2, 2012

Current investigations into the company Pronto Cash has brought to the fore the risk of financial fraud by companies which are not controlled by the Superintendency of Banks.

An article in Panamaamerica.com states that "The latest company to be cited in a warning by the Superintendency of Bank is the financing firm Pronto Cash. The banking sector regulator said the finance company 'is not allowed to collect, in or from Panama, directly or indirectly money from the public by accepting deposits or in any other form. '"

The Superintendency of Banks says the warning list has helped reduce the risk of someone becoming a victim of financial fraud.

"The purpose is to alert the public to watch for and to be better informed if they want to establish a business relationship with the company," said the auditing institution.

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