The Superintendency of Banks of Panama (SBP) presented the results of the Pilot Plan launched in October 2024, initially involving four banks and later expanded to six banking institutions.
This Pilot Plan not only represents a firm commitment to strengthening and enhancing the competitiveness of the banking sector but also constitutes a key element within the strategic vision driven by the current management of the Superintendency. In line with commitments made at the national level, this initiative aims to improve the customer experience in the process of opening bank accounts in Panama.
Superintendent Milton Ayón Wong emphasized that this Pilot Plan represents a joint effort between the Superintendency and the participating banks, and he noted that its implementation has required a high level of coordination, commitment, and adaptation from all parties involved.
“The objective has been clear: to facilitate access to banking services, promote financial inclusion, and strengthen confidence in our financial system, without compromising security or the international standards that Panama has achieved,” stated Superintendent Ayón.
In this context, it was recalled that Panama was removed from the Financial Action Task Force (FATF) grey list in October 2023 and, more recently, from the European Union's money laundering list—achievements that reflect the country’s commitment to transparency and financial integrity.
The Pilot Plan addressed key issues such as the onboarding of new clients, data updating, and the management of accounts that exceed thresholds for simplified account opening. These areas have been subject to analysis and innovative proposals that will allow banks to offer a more agile and accessible experience while maintaining regulatory compliance.
The SBP reiterates its commitment to continue strengthening regulation and the risk-based supervision model resulting from the Pilot Plan's findings and invites banking institutions to continue investing in technology and solutions that optimize the customer experience.
“The path toward more inclusive, efficient, and secure banking will not be easy, but we are convinced that this joint effort will make a substantive difference in the development of Panama’s financial system,” concluded Superintendent Ayón.
