Regulatory Alerts2018-10-24
Agreement No. 12 (2018) - Modifying Article 8 of Agreement No. 9-2009
The Banking Superintendence of Panama issued Agreement No. 12 (2018) to modify Article 8 of the 2009 regulatory framework governing fixed-term and local savings deposits. This amendment specifically updates the provisions regarding 'Christmas, School, or Educational Savings Accounts' to clarify their classification as socio-educational deposits and define their interest payment structure. The change ensures that these accounts, designed to foster saving habits, are compensated with a single lump-sum interest payment at the end of the year upon withdrawal.
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