Although it was expected to happen this year, the legislation that standardizes the issuance and circulation of checks will enter into force in February 2016.
The Superintendency of Banks in Panama, working in conjunction with the rules on banking union, announced that the new rules will come into effect in February 2016, and the checks that have been issued before this will have a period of 18 months after the entry into force of the new standard to be taken out of circulation.
The Superintendency of Banks is preparing regulatory changes in order to reduce the time it takes to clear a check from three days to just one.
The rules that the regulator has proposed in Agreement 1-2014, issued in March, aims to improve safety and modernize the means of payment of the country, punctually, standardizing checks circulating in the Panamanian financial center.
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