The Board of the Superintendency of Banks of Panama has issued Agreement No. 3-2026 establishing criteria for imposing and calibrating administrative sanctions on banks that fail to comply with the regime for preventing money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. The framework applies to banking entities for breaches committed by act or omission and introduces a gradated approach intended to make sanctions more transparent, objective and proportionate. Sanctions will be determined by reference to the nature of the breach and any mitigating or aggravating circumstances in the case. Proceedings will continue to follow the sanctioning procedure set out in Agreement No. 9-2015. The rule also introduces a five-year transition for applying maximum sanction amounts, starting at 60% of the maximum in the first year and rising by 10 percentage points each year until reaching 100% at the end of the fifth year. The agreement enters into force upon publication in the Official Gazette.
Superintendencia de Bancos de Panama2026-06-25
Superintendency of Banks of Panama sets sanction criteria for banks’ AML CFT and proliferation financing breaches with a five year phase in of maximum penalties
The Superintendency of Banks of Panama has issued new criteria for imposing and scaling administrative sanctions on banks that breach AML, terrorist financing and proliferation financing rules. The framework bases penalties on the nature of the breach and mitigating or aggravating factors, while phasing in maximum sanction amounts over five years from 60% to 100%. Proceedings will continue under the existing sanctioning process in Agreement No. 9-2015.