Regulatory Alerts2020-07-24
Agreement No. 008-2020 Modifying Articles 8 and 13 of Agreement No. 3-2008 on Complaint Procedures Before the Superintendence
The Board of Directors of the Superintendence of Banks of Panama issued Agreement No. 008-2020 to modify Articles 8 and 13 of Agreement No. 3-2008 regarding the procedure for handling consumer complaints. The amendments mandate that banks respond to complaints via email within five business days and allow for electronic or personal notification of resolutions, while maintaining edicts for other notifications. These regulatory adjustments were implemented to streamline complaint processing in response to the public health emergency posed by the Novel Coronavirus (2019-nCoV).
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