Regulatory Alerts2022-03-30
Added · Updated
Agreement No. 002-2022: Modification of Article 15 of Agreement No. 6-2011
The Banking Superintendence of Panama issued Agreement No. 002-2022 to extend the compliance deadline for electronic banking security requirements from February 28, 2022, to June 30, 2022. This modification mandates that banks implement robust authentication measures, including category 2 dynamic validation for third-party transactions and secure activation processes for soft tokens. The regulation also assigns risk and cost liability to banks for unauthorized transactions resulting from dual-factor authentication activation prior to the full implementation of prescribed security measures.
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