Regulatory Alerts2023-01-01
Added · Updated
Circular 078 (2023)
The Superintendence of Banks of Panama issues Circular 078 (2023) to guide financial institutions on the regulatory framework for Entrepreneurship Societies established under Law 186 of 2020. The circular clarifies that these entities must utilize a 'Standard Statute' instead of a social pact and are subject to specific income limits and digital reporting obligations via AMPYME. Banks are urged to adapt their internal policies to accept these clients by requiring alternative documentation that evidences income flow, thereby facilitating the formalization and banking access for entrepreneurs.
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