Panama
5 regulators · 12 laws & regulations · 4 obligations · 2 enforcement actions
| Obligation | Timing | Regulator | Arises from | Source | Detail |
|---|---|---|---|---|---|
| Banking | |||||
| AML prevention manual, prevention committee and compliance officer | — | — | Acuerdo No. 010-2015 — Prevención del uso indebido de los servicios bancarios y fiduciarios (Agreement 10-2015 on preventing the misuse of banking and trust services) | official | |
Art. 3 requires a board-approved anti-money-laundering manual kept up to date. Art. 4 requires a Money Laundering Prevention Committee reporting to the board and meeting at least every two months. Art. 30 gives the person responsible for compliance the internal analysis of unusual and suspicious transactions. |
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| AML record retention | Retention period 5 years from the end of the client relationship | — | Acuerdo No. 010-2015 — Prevención del uso indebido de los servicios bancarios y fiduciarios (Agreement 10-2015 on preventing the misuse of banking and trust services) | official | |
Art. 25 requires signed due diligence forms and supporting records to be kept for at least five years counted from the end of the contractual relationship with the client. |
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| Customer due diligence (KYC/CDD) | At onboarding + ongoing | — | Acuerdo No. 010-2015 — Prevención del uso indebido de los servicios bancarios y fiduciarios (Agreement 10-2015 on preventing the misuse of banking and trust services) | official | |
Art. 9 requires risk-based identification and verification of the client and beneficial owner. Art. 10 sets minimum requirements including client profiling and transaction monitoring; arts. 14 and 15 list the documents for natural and legal persons, to be obtained before the business relationship starts. |
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| Capital Markets | |||||
| AML record retention (securities sector) | Retention period 5 years from the end of the business relationship | SMV | Acuerdo 06-2015 — Disposiciones sobre la prevención del delito de blanqueo de capitales, financiamiento del terrorismo y financiamiento de la proliferación (Agreement 6-2015 on prevention of money laundering, terrorist financing and proliferation financing) | official | |
Art. 26 of Acuerdo 06-2015 requires records to be kept for a minimum of five years counted from the end of the business relationship, and available on request. |
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| No obligations match these filters. | |||||