Friday, 27 November 2020

Panama Banks Must Identify Owners of Corporations

Panama financial district. Source: capital.com.pa
Panama financial district. Source: capital.com.pa

TODAY PANAMA – The Superintendency of Banks has established an obligation for banks to identify the ultimate beneficiaries of corporations that are their clients.

From the order published in the Official Newspaper, La Gaceta:

- Advertisement -

“… ARTICLE 1. IDENTIFICATION OF FINAL BENEFICIARY OF CORPORATIONS.
For the purposes stated in Article 4 paragraph 1, letter g of Agreement No. 12-2005. the bank must ensure the ultimate beneficiary or identify the true owner of a legal person. In the case of corporations, banks must request the documents evidencing the name of the natural person identified as the beneficial owner and holder of the share certificates of the corporation considering the percentages established in the General Resolution Board SBP -GJD-0004-2014 of January 28, 2014.

Last month,  the Superintendency of Banks added special reviews of financial institutions announcing that fines for infringers will reach up to US$1 million.

“We inform you that starting from November 18, 2014, we are operating a special program of inspections of banks, in order to verify compliance with the established regime to prevent services being improperly used for the offense of money laundering, financing terrorism and other related crimes or those of a similar nature or origin. This program is an additional measure to the inspections made by the Superintendency, ” said the  Superintendency.

According to the Superintendency, all banks and trust companies have to take into account the importance of meeting their obligations with respect to due diligence with customers, they must know the source and origin of the resources used by them, in all cases. In the case of politically exposed persons (PEP) they must make sure they establish appropriate risk management systems and carry out a deeper due diligence as required by Articles 4 and 5 of the Agreement 12-2005 on the “Misuse of banking and trust services.”

- Advertisement -

Article first appeared on TodayPanama.com

- Advertisement -
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Panama obtains credit at 2.2%; Costa Rica however at 8.3%

QCOSTARICA - The realities of having bad credit. While the government...

Passage at the southern border blocked again

QCOSTARICA - The protests and blockades did not occur Wednesday, however,...

MOST READ

Woman promised a 15-year-old to meet with father to bring her to Costa Rica and exploit her sexually

QCOSTARICA - A woman, facing eight to sixteen in prison, accused of smuggling of migrants and trafficking in persons for the purpose of sexual...

Traveller’s Tale: Costa Rica has reopened to travelers. Here’s what it’s like to visit

LONELY PLANET -  Twenty-one years ago, Costa Rica was the first country I had ever visited outside the United States. Since that first trip,...

AyA billing disaster puts Ticos in trouble

AyA billing disaster puts Ticos in trouble: utillity does not solve anything! See Aresep gives AyA one month to resolve water bill errors

Bossa Nova’s birthplace closes due to Covid-19 in Brazil

(Prensa Latina) Casa Villarino, one of the cradles of the bossa nova music movement in Brazil, closed its bar and restaurant in Rio de...

Criminals Use Dating Website to Extort People

QCOSTARICA - Criminals discovered a new way to obtain money on the Internet. Through a website of sexual encounters, they establish contact with potential...

Vaccination will be ‘a necessity’ for international flights, says Qantas chief

FINANCIAL TIMES - Qantas plans to insist that passengers on international flights have been vaccinated against Covid-19 before boarding its planes once any jab...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.