Regulatory Alerts2019-06-03
Circular 03-2019 Operational Information Questionnaire and Self-Assessment Questionnaire for AML, CFT, and Proliferation Financing Prevention
The Superintendence of the Securities Market (SMV) of Panama mandates that regulated entities replace the previous F1 and F2 compliance forms with the new Operational Information and Self-Assessment Questionnaires for AML, CFT, and Proliferation Financing. These questionnaires must be submitted semi-annually, covering January to June by July 31 and July to December by January 31, via the SMV website using specific file naming conventions. This directive implements the Risk-Based Supervision system under Article 20 of Law 23 of 2015, requiring all obligated subjects to adhere to the new reporting procedures effective immediately.
[Logo: SMV 20 Years - Superintendence of the Securities Market Republic of Panama]
Panama, May 31, 2019 Circular No. SMV- 03- 2019
To: Chief Executives and Compliance Officers City.
Subject: Operational Information Questionnaire and Self-Assessment Questionnaire for the Prevention of Money Laundering, Terrorism Financing, and Financing of the Proliferation of Weapons of Mass Destruction.
Respected Gentlemen:
Through Agreement 8-2017 of December 27, 2017, the Compliance Forms F1 and F2 were adopted to be submitted periodically. However, the Superintendence of the Securities Market (hereinafter SMV), within the framework of updating the content of these forms, has adopted as a tool for the implementation of the Risk-Based Supervision system, based on Article 20, paragraph 2 of Law 23 of 2015, the semi-annual submission of the “Self-Assessment Questionnaire for the Prevention of the Crime of Money Laundering, Terrorism Financing, and Financing of the Proliferation of Weapons of Mass Destruction,” as well as the “Operational Information Questionnaire for the Financial Obligated Subject,” which are published on the SMV website.
For the aforementioned reasons, it is instructed to the Obligated Subjects of Securities Houses, Investment Advisors, Investment Administrators, Pension and Retirement Fund Administrators, Severance Fund Administrators, Investment Companies, Self-Managed Investment Companies, Self-Regulatory Organizations, and Administrative Service Providers, that from the date of this circular, the Compliance Forms F1 and F2 shall no longer be submitted to the SMV, as the aforementioned questionnaires will be used with the specified periodicity.
With the above stated, and for guidance purposes, we have developed some of the instructions that must be followed to obtain the documents and submit them satisfactorily.
- The Obligated Subject must log in to the institution's website: http://www.supervalores.gob.pa/, navigate to the Money Laundering Prevention section, where they will find the files under the links “Self-Assessment Questionnaire” and “Operational Questionnaire,” from which they can access the information corresponding to their license type.
- Once the questionnaires are completed and the supporting evidence or documentation to be submitted (manuals, regulations, methodologies, and others) is identified, each file must be named using the following format:
- Securities Houses must use the code CV, adding the entity's name and the file name (example CV-Happy Values, S.A. + file name).
- Investment Advisors must use the code ASI, adding the entity's name and the file name (example ASI-Happy Advisors, Inc. + file name).
- Investment Administrators must use the code ADM, adding the entity's name and the file name (example ADM-Happy Administrators, S.A. + file name).
- Investment Companies must use the code SOI, adding the entity's name and the file name (example SOI-Happy Society, Inc. + file name).
- Self-Regulatory Organizations must use the code OAU, adding the entity's name and the file name (example OAU-San Jose Stock Exchange, S.A. + file name).
- Administrative Service Providers must use the code PSA adding the entity's name and the file name (example PSA-Happy Providers, Inc. + file name).
- The obligated subject must submit each file through the “SAVE and CLOSE” link.
For better understanding, this circular is accompanied by an illustrated guide of the steps to follow to access and upload documents to the website.
Finally, it is advised that the information presented in the “Questionnaires” will correspond to the following periods:
| INFORMATION PERIOD | SUBMISSION DATE |
|---|---|
| January to June | Until July 31 |
| July to December | Until January 31 |
For any additional inquiries, we are at your disposal via the following email: csmv@supervalores.gob.pa or by phone at 501-1700 (request the Prevention Department).
[Signature] Marelissa Quintero de Stanziola Superintendent
Drt/iba