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:
Banks must keep videos of people entering and exiting for at least 12 months instead of the current 3 months, among other provisions.
The Superintendency of Banks of Panama has amended Agreement no. A -2007 to update the rules governing the minimum security measures to be adopted by banks, reported Prensa.com
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