Regulatory Alerts2025-03-11
Agreement No. 1 (2025) Adopting an Enunciative Guide for the Catalog of Positions of Politically Exposed Persons
The Superintendence of Banks of Panama issued Agreement No. 1-2025 to adopt an enunciative guide cataloging positions held by Politically Exposed Persons (PEPs) for banks and trust companies. The regulation mandates that supervised entities implement effective risk assessment methodologies, including automated systems with phonetic search capabilities, to identify PEPs and classify them as high-risk clients. It defines PEPs based on Law No. 23 of 2015 and establishes that individuals remain classified as PEPs for two years after leaving office.
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