Panama's Superintendency of Banks has updated and consolidated its rules for preventing money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction through Agreement No. 1-2026.
A central element is a risk-based approach. Banks are required to assess customers and business relationships according to their level of risk and to apply appropriate identification, verification and ongoing monitoring procedures. The origin of funds, the customer's economic background and the nature of the banking relationship therefore remain important elements of compliance reviews.
For foreign bank customers, the regulation may have practical consequences. When opening accounts, making larger transfers or updating customer information, banks may request documentation concerning identity, economic activity or the source of funds. The exact documentation required depends on the individual bank's risk assessment and regulatory obligations.
The updated framework was published in January 2026 and is being implemented by the banking sector. Certain technical and organizational requirements are subject to transitional periods extending into 2027.
Relevance: Foreign bank customers should be prepared to provide additional documentation when opening accounts, making larger transfers or updating their information. This may affect how they prepare for routine banking in Panama.
