Regulations & Due Diligence in the Panama Banking System 


Regulations & Due Diligence

Banking Regulations and Due Diligence (financial subjects obliged)

In Panama, the Banking Law is regulated by the Sole Text established in EXECUTIVE DECREE 52 of 2008 - Whereby the Sole Text of Decree Law 9 dated 26 February 1998, modified by Decree Law 2 dated 22 February 2008, which in turn grants control functions to the Superintendence of Banks of Panama, for financial subjects obliged (banks and trust companies) to report their banking activities, through the Banking Rule 5-2018 - G.O.28686-A - 02/01/2019; which establish the due diligence guidelines for the prevention of the improper use of banking services". 

Banking Regulations and Due Diligence (non-financial subjects obliged)

According to the Law 23 of 2015 in Panama exist the Intendancy of Supervision and Regulation of Non-Financial Subjects (casinos, realtors, construction companies, auction, lottery, exchange companies, mortgage, lawyers, accountants, lawyers and similar), that adopted measures to prevent money laundering and other due diligence provisions.

Base on the Resolution I-REG-002-017 - G.O. 28,255 of the Intendancy of Supervision and Regulation of Non-Financial Subjects, these entities have the obligation to adequately identify their clients, and perform the due diligence and criteria for the correct identification of the final beneficiary, private or corporate, the identification of politically exposed persons (PEP), make cash or quasi-cash transaction reports that exceed $ 10,000, with ongoing training in matters of due diligence and the obligation to register in the Financial Analysis Unit (UAF) of Panama; being the administrative security entity of the Panamanian state with functional autonomy, created in order to comply with the provisions of Law 23 of 2015.

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