The Superintendency of Banks of Panama (SBP) has launched an initial-phase plan to analyse the current regulatory framework and market context with the aim of optimising and speeding up the process for opening bank accounts in Panama, working jointly with several local banks. The initiative is intended to update criteria, measures and procedures so that account opening and customer due diligence are better aligned with a more digital operating environment, while remaining consistent with international standards and best practices. The work will include a deep diagnostic of current banking practices and a joint assessment with banks of operational adjustments needed across onboarding, documentation and the evidentiary support of transactions. SBP also signalled that the programme could lead to updates to existing agreements issued by the supervisor and the publication of reference and operational guidance for banks, while maintaining compliance with international anti-money laundering and counter-terrorist financing requirements.
Superintendencia de Bancos de Panama 2025-01-29
Superintendency of Banks of Panama launches review to streamline bank account opening and customer due diligence
The Superintendency of Banks of Panama plans to optimize the bank account opening process by analyzing the regulatory framework and market context with local banks. The initiative aims to align account opening and customer due diligence with a digital environment, adhering to international standards. This may lead to updates to agreements and operational guidance, ensuring compliance with anti-money laundering and counter-terrorist financing requirements.