Regulatory Alerts2020-05-14
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Agreement No. 004-2020 Modifying Article 5 of Agreement No. 002-2019
The Banking Superintendence of Panama issued Agreement No. 004-2020 to extend the compliance deadline for financial institutions regarding client profile updates. This regulation modifies Article 5 of Agreement No. 002-2019, granting banks and fiduciary entities until December 31, 2020, to incorporate tax identification numbers and tax compliance information into natural and legal person client profiles. The agreement entered into force immediately upon its promulgation on May 7, 2020.
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