Regulatory Alerts2023-04-10
Agreement No. 002-2023: Adding Article 3-A and Modifying Articles 13 and 27 of Agreement No. 005-2011 on Corporate Governance
The Banking Superintendence of Panama issued Agreement No. 002-2023 to mandate that banks and their holding companies ensure the continuous integrity, reputation, and solvency of their shareholders, board members, senior management, and key personnel. The regulation requires these entities to adopt specific integrity policies and control mechanisms to identify and monitor these individuals, while also expanding the Board of Directors' responsibilities to include mitigating risks arising from these parties. Additionally, the agreement imposes stricter corporate governance requirements on banking holding companies to ensure strategic oversight, transparency, and risk mitigation across the entire banking group.
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