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.
In response to rumors of more interventions into financial institutions, the Superintendency of Banks in Panama says that they are unfounded, highlighting the strength of the banking system.
From a statement issued by the Superintendency of Banks of Panama:
In El Salvador, any business or individual can act as a financial intermediary with the support of a financial institution.
The regulation, which will take effect on August 1, enables banks to make agreements with third parties who can receive deposits from the public or lend money, up to certain limits, backed by a financial institution.
The model, which is already operating in countries like Colombia, seeks to expand the scope of financial services beyond bank branches.
From May 30, the technical rules on credit cards issued by the non-banking commercial sector will be in effect in El Salvador.
A statement from the Ministry of Economy reads:
The Minister of Economy, Armando Flores signed for publication in the Official Journal, this May 29, standards for credit cards, which allow development of the application of the provisions of the Law on Credit Cards, in a more effective and efficient form, favoring cardholders from the nonbank trade sector.
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