Regulatory Alerts2025-07-01
Agreement No. 4 (2025) Modifying Articles 6 and 9 of Agreement No. 1-2011 on Banking Product and Service Transparency Guidelines
The Superintendence of Banks of Panama issued Agreement No. 4-2025 to amend Articles 6 and 9 of Agreement No. 1-2011, strengthening transparency requirements for banking products and services. The amendments mandate that banks provide detailed, written information on interest rates, commissions, and third-party charges to potential clients prior to contract signing, including specific rules for promotional offers and fee calculation criteria. Additionally, the agreement establishes strict notification protocols for active operations, requiring clear disclosure of nominal and effective interest rates, advance notice of rate changes, and prior warning for mortgage renewal commissions.
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