Regulatory Alerts2018-12-10
Agreement No. 13 (2018) Modifying Agreement No. 10-2015 on Prevention of Misuse of Banking and Fiduciary Services
The Panama Superintendence of Banks issued Agreement No. 13 (2018) to modify Agreement No. 10-2015, updating the regulatory framework for preventing money laundering, terrorist financing, and proliferation financing. The revised agreement mandates that supervised entities implement robust internal controls, including approved Anti-Money Laundering manuals and dedicated compliance committees, to ensure effective risk management. It further establishes strict requirements for customer due diligence, risk classification methodologies, and enhanced monitoring of high-risk transactions and politically exposed persons.
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