| YEAR | ENTITY | AMOUNT | DESCRIPTION |
|---|---|---|---|
| 2020 | SCOTIABANK (PANAMÁ), S.A. | 118,671.22 | For breaching banking regulations, specifically: Article 111, Article 193(5) and (6), and Article 194(4) of the Banking Law; Article 2 and Article 3 of Rule 8-2005; as well as Article 4(b) of Rule 5-2011, amended by Rules 4-2012 and 5-2014; Article 14, Article 15(7), Article 16(a) of Rule 6-2011, amended by Rule 9-2014, due to an administrative complaint. |
| 2020 | BANCO GENERAL, S.A. | 7,500.00 | For breaching banking regulations, specifically: Article 192, Article 193(5); Article 193(6) of the Banking Law; as well as Article 2 of Rule 1-2011 dated January 4, 2011, amended by Rule 3-2011 dated March 17, 2011; Article 4(a) of Rule 1-2008 dated June 18, 2008, due to an administrative complaint. |
| 2020 | BANISTMO, S.A. | 15,000.00 | For breaching banking regulations, specifically: Banking Law: Articles 111, 192 and 194(3); as well as Article 2 of Rule 8-2005, due to an administrative complaint. |
| 2020 | QUIJANO TRUST CORPORATION | 26,400.00 | For breaching AML/CFT regulations, specifically: - Follow-up examination conducted from November 29 to December 13, 2017 (closing date: September 30, 2017). |
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Enforcement – Information updated through July 9, 2023
Enforcement – Information updated through July 9, 2023
As provided for in (a) Article 189 of the Banking Law, which establishes, “The Superintendent is authorized to publish the sanctions imposed in accordance with the provisions of this Decree Law;” (b) Article 77 of Law 21 of 2017, which establishes the rules for the regulation and supervision of Trustees and the trust business and stipulates that “The Superintendent of Banks may inform the public of the fine imposed, either in hardcopy or electronically;” and (c) Article 20(5) of Law 23 of 2015, amended by Law 21 of 2017, that provides “[…] The sanctions imposed hereby will be published on the website of each supervisory entity, stating the name of the sanctioned entity, the type of sanction, and its amount, if the sanction is pecuniary.” Below you will find the pecuniary sanctions of over B/.5,000.00 imposed by the Superintendency in accordance with the Banking Law, Trust Law, and AML/CFT/WMD Law.
The sanctions listed below pertain to concluded processes, the resolutions of which are being administratively enforced. It should be noted that the imposed sanctions result from non-compliance or administrative breaches, and they serve the purpose of corrective actions and the enhancement of the Panamanian banking and trust system. The publication of these sanctions does not indicate a negative view of the supervised entity.