The Superintendency of Banks of Panama approved measures requiring banks to strengthen verification of domestic electronic fund transfers and improve the information available to customers before transactions are executed. It also extended the entry into force of separate regulatory requirements to March 31, 2027, giving banks more time to adjust their processes, systems and procedures. For electronic transfers, banks must implement mechanisms to confirm that beneficiary details correspond with information held by banking entities. Customers must be able to review the receiving account holder, destination bank and transaction amount in advance, while warnings must flag inconsistencies that could result in errors or fraud. The amendments also add an illustrative amortization table as a reference for applying requirements governing information that banks must provide to customers in credit transactions.
Superintendency of Banks of Panama strengthens domestic transfer checks and delays other rules until March 2027
The Superintendency of Banks of Panama will require banks to verify beneficiary details for domestic electronic transfers and let customers review key transaction information before execution. It also delayed the entry into force of separate requirements until March 31, 2027, and added a model amortization table for credit disclosures.