Regulatory Alerts2024-06-10
Agreement No. 2 (2024) — By which Article 12 of Agreement No. 8-2010 on Integrated Risk Management is modified. Official Gazette 30049 of June 10, 2024. “Compiled Document”
The Banking Superintendence of Panama issued Agreement No. 2-2024 to amend Article 12 of Agreement No. 8-2010 on Integrated Risk Management. The amendment requires banking entities to formally notify the Superintendence whenever the head of their risk management unit is dismissed, replaced, or resigns, and mandates submitting the designated individual's curriculum vitae. The revised provision also confirms that the risk management unit head must report directly to the risk committee while maintaining extensive financial sector experience, broad technical expertise in integrated risk management, and general financial operations experience.
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