Regulatory Alerts2022-03-31
Agreement No. 1 (2022): Special Guidelines for the Protection of Personal Data Processed by Banking Entities
The Superintendency of Banks of Panama issued Agreement No. 001-2022 to establish mandatory minimum protocols, processes, and security standards for the collection, storage, and transfer of personal data by banking entities. The regulation requires banks to obtain free, explicit, and informed consent for data processing and to implement robust mechanisms ensuring clients can exercise their ARCO rights (access, rectification, cancellation, opposition, and portability). It further mandates that banks ensure third-party custodians and service providers adhere to these strict data protection principles to safeguard client privacy and maintain financial system integrity.
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