Regulatory Alerts2025-05-12
Agreement No. 3 (2025) Modifying Agreement No. 4-2010 on External Bank Audits
The Banking Superintendence of Panama issued Agreement No. 3-2025 to amend the external audit regulations for banks under Agreement No. 4-2010. The regulation mandates stricter independence criteria, mandatory auditor team rotation every five years, and expanded requirements for special reports on fraud, irregularities, and non-compliance. It further establishes minimum auditor responsibilities, including the retention of working papers for five years and the provision of specific documentation to the Superintendence upon request.
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