Regulatory Alerts2019-04-22
Agreement No. 002-2019 Modifying Agreement No. 010-2015 on Prevention of Misuse of Banking and Fiduciary Services
The Superintendency of Banks of Panama issued Agreement No. 002-2019 to amend the regulations governing the prevention of misuse of banking and fiduciary services. The amendment mandates enhanced customer due diligence requirements, including detailed client profiling for both natural and legal persons, with specific focus on verifying tax residency, source of funds, and beneficial ownership. It also strengthens the reporting obligations for suspicious transactions and requires financial institutions to assess risks associated with jurisdictions lacking effective anti-tax evasion measures.
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