The Board of Directors of the Superintendency of Banks of Panama (SBP) issued Rule No. 3-2026, dated May 29, 2026, establishing the criteria for the imposition and calibration of administrative sanctions applicable to banks for non-compliance with the regulatory framework governing the prevention of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction (AML/CFT/CPF).
The new regulation aims to strengthen legal certainty, transparency, and objectivity in the application of administrative sanctions by the SBP by providing clear parameters for assessing violations and determining the corresponding enforcement measures.
The Rule applies to banking entities that, through action or omission, fail to comply with the AML/CFT/CPF preventive framework. Such violations will be processed in accordance with the sanctioning procedure established under Rule No. 9-2015.
Among its key enhancements, the Rule introduces a graduated framework for determining administrative sanctions, taking into account both the nature of the violation and any mitigating or aggravating circumstances applicable to each case. This approach is intended to ensure that enforcement measures are proportionate to the severity of the identified misconduct.
The regulation also establishes a five-year transitional period for the implementation of the maximum sanction amounts. During the first year, sanctions will be capped at 60% of the maximum amount established under the Rule, increasing by 10 percentage points annually until reaching 100% at the end of the fifth year of implementation.
The Rule will enter into force upon its publication in the Official Gazette. The maximum sanction amounts will be applied progressively in accordance with the implementation schedule established therein.
Through this initiative, the Superintendency of Banks of Panama reaffirms its commitment to strengthening the banking system, safeguarding financial integrity, and ensuring compliance with national and international standards for the prevention of financial crimes.
For the full text of Rule No. 3-2026 and other applicable regulations, please visit the Regulations section of the Superintendency of Banks of Panama’s website at www.superbancos.gob.pa
