Regulatory Alerts2021-12-09
Agreement No. 005-2021 Modifying Article 15 of Agreement No. 6-2011 on Electronic Banking
The Banking Superintendence of Panama issued Agreement No. 005-2021 to amend Article 15 of Agreement No. 6-2011, mandating enhanced security protocols for internet and mobile banking channels. The regulation requires banks to implement specific bank and client authentication measures, including a minimum eight-character alphanumeric password, mandatory two-factor authentication for third-party transactions, and dynamic validation or soft/hard tokens for sensitive account changes. Financial institutions must achieve full compliance with these risk management and client protection standards by February 28, 2022, while assuming full liability for unauthorized transactions resulting from non-compliant authentication activations during the interim period.