The Superintendency of Banks of Panama (SBP) has presented the results of a pilot launched in October 2024, initially involving four banks and later expanded to six institutions, aimed at improving the customer experience in opening bank accounts in Panama. The pilot addressed the onboarding process for new customers, updating customer information, and the treatment of accounts that exceed the thresholds set for simplified account opening. The SBP indicated that the work generated analysis and proposals intended to make account opening more agile and accessible while maintaining regulatory compliance, security, and alignment with international standards, noting Panama’s removal from the Financial Action Task Force grey list in October 2023 and, more recently, from the European Union’s anti-money laundering list. Following the pilot’s conclusions, the SBP signalled it will continue strengthening regulation and its risk-based supervision model and encouraged banks to invest in technology and solutions that optimise customer experience.
Superintendencia de Bancos de Panama 2025-06-18
Superintendency of Banks of Panama presents results of pilot to streamline bank account opening processes
The Superintendency of Banks of Panama (SBP) concluded a pilot project to enhance the customer experience in bank account opening with six banks. It focused on streamlining onboarding, updating customer information, and managing accounts exceeding simplified opening thresholds, ensuring compliance with international standards. Post-pilot, the SBP plans to bolster regulation and risk-based supervision, urging banks to invest in technology to improve customer service.