Regulatory Alerts2019-05-17
Circular No. SMV-2-2019: UAF Guidelines and Alerts
The Superintendence of the Securities Market of Panama issued Circular No. SMV-2-2019 to notify compliance officers of five new regulatory documents adopted by the Financial Analysis Unit (UAF). These documents include guidelines for identifying suspicious transactions, best practices for sectoral reporting, minimum documentation standards, tax evasion alerts, and a manual for tracking reports online. The circular mandates that obligated subjects consider these documents in their respective areas while maintaining appropriate confidentiality.
[Logo: SMV 20 Years - Superintendence of the Securities Market Republic of Panama]
Panama, May 17, 2019 Circular No. SMV-2-2019
To: Compliance Officers City.
Reference: Guidelines and Alerts adopted by the UAF.
Dear Sirs:
We hereby inform you that through Administrative Resolution No. 05-2019 of March 18, 2019, the Financial Analysis Unit for the Prevention of Money Laundering and Financing of Terrorism, exercising the powers conferred through Law 23 of April 27, 2015, specifically regarding Article 11, numeral 13, which allows it to "establish guidelines and provide feedback that helps obligated financial subjects, non-financial obligated subjects, and activities carried out by supervised professionals in the application of the measures contained in this Law and particularly in the detection and reporting of suspicious transactions," has proceeded to prepare and adopt guidelines, alerts, and a manual regarding the following topics:
- Guide for the identification of suspicious transactions and submission of higher-quality reports.
- Guide of best practices for the prevention of sectoral suspicious transaction reporting.
- Guide of minimum supporting documentation that obligated subjects must provide when submitting a Suspicious Transaction Report (STR) to the UAF.
- Tax Evasion Alert Signals.
- Manual for tracking STRs in the online UAF system.
In light of the foregoing, we inform you that the aforementioned documents can be consulted on the UAF website: https://www.uaf.gob.pa.
We appreciate your taking the pertinent measures to ensure that these documents are considered in their respective topics, maintaining the confidentiality that corresponds.
[Signature] Loraine Chavarría de Sinclair Superintendent, in lieu of.
Iba/drt